Philippine Equity Movers: IP E-Game, RFM Corp., SM Investments
Stock Chart for RFM Corp (RFM)
The Philippine Stock Exchange Index (PCOMP) rose 0.1 percent to 5,163.09, the first gain in three days.
IP E-Game Ventures Inc. (EG) advanced 1.5 percent to 13.40 centavos, the highest close since April 17. The company is looking at buying two to three companies this year, the Philippine Star reported, citing President Enrique Gonzalez. Gonzalez couldn’t be reached for comment in his office.
RFM Corp. (RFM) rose 6.5 percent to 2.80 pesos, the highest close since May 1999. The food manufacturer said it signed an agreement to distribute products for U.S.-based fruit company Dole Food Inc. RFM expects profit to recover in the first quarter after falling in 2011, Vice President Ramon Lopez said today. Profit growth of 20 percent this year is “realistic,” he said.
SM Investments Corp. (SM) , the holding company of Philippine billionaire Henry Sy, added 1.7 percent to 692 pesos, the highest close since Feb. 8. The company’s first-quarter performance was “good” and it’s still in talks to acquire a stake in the Ortigas group, Vice Chairwoman Teresita Sy said.
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