April 1 (Bloomberg) -- Shares of the following companies had unusual moves in Indonesian trading. Stock symbols are in parentheses, and prices are as of the 4 p.m. Jakarta-time close.
The Jakarta Composite index gained 28.81 points, or 0.8 percent, to 3,707.49, erasing this year’s loss. The measure rose 2.8 percent this week.
Coal producers: PT Indo Tambangraya Megah (ITMG IJ), the Indonesian unit of Thailand’s largest coal producer Banpu Pcl, gained 4.1 percent to 48,100 rupiah. PT Adaro Energy (ADRO IJ), the nation’s second-biggest coal mining company, rose 3.4 percent to 2,275 rupiah.
Xstrata Plc agreed to sell thermal coal to Chugoku Electric Power Co. for 12 months at $129.80 a metric ton, according to a Dow Jones Newswires report published by Fox Business on its website. Japanese power companies agreed to pay Xstrata $98 a ton for the 12 months starting April 1, 2010, the company said in August.
Toru Umeda, a spokesman for Chugoku, declined to comment. James Rickards, a spokesman for Xstrata, didn’t immediately return a message left on his mobile phone seeking comment.
PT Bank Rakyat Indonesia (BBRI IJ), Indonesia’s second-largest bank by assets, advanced 1.7 percent to 5,850 rupiah. Bank Rakyat had its rating boosted to “outperform” from “neutral” at Credit Suisse Group AG, which raised its forecasts for the company’s earnings growth.
PT Sorini Agro Asia Corporindo (SOBI IJ), a sorbitol producer, rose 2.2 percent to 3,450 rupiah. Cargill Inc. has offered to buy the remaining shares of Sorini it doesn’t already own at 3,500 rupiah each through a tender offer starting today until April 29, Cargill said in a statement published in Bisnis Indonesia today.
To contact the reporter on this story: Berni Moestafa in Jakarta at firstname.lastname@example.org
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