Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the noon close in Manila.
The Philippine Stock Exchange Index rose 1 percent to 4,274.51, the sharpest gain since May 10.
Aboitiz Power Corp. (AP PM), which owns electricity plants and retailers, advanced 3.2 percent to 29 pesos, the sharpest gain since March 31. The company was rated “buy” at CLSA Asia-Pacific Markets, which resumed coverage of the stock.
Earnings are forecast “to accelerate on the back of stronger demand and a recovery in generation prices for the remainder of the year,” Raf Mercado, analyst at CLSA, wrote in a report. The brokerage has a 12-month share-price estimate of 34.50 pesos.
Filinvest Development Corp. (FDC PM), which has investments in property, banking and sugar, advanced 2.9 percent to 5.04 pesos, the sharpest gain since April 13. President Josephine Gotianun-Yap said the company will pay 4.75 centavos a share in dividends, build four power plants and open more bank branches.
Philex Mining Corp. (PX PM), the largest Philippine metals producer, rallied 9 percent to 20.70 pesos, the highest close based on prices going back to January 1990. The company will seek approval from the Securities and Exchange Commission and the stock exchange to list its Philex Petroleum Corp. unit, according to a filing to the Philippine bourse.
The board approved a dividend of one share in the petroleum unit for every eight Philex Mining shares, along with a cash payment of 5.2 centavos a share, the mining company said in a statement.