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Philippines Stocks: Apex, Lepanto Consolidated, Philex Mining

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Aug. 11 (Bloomberg) -- 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 0.5 percent to 4,311.02, advancing for a second day.

Gold producers: Apex Mining Co.’s Class A shares (APX PM), which are reserved for Filipinos, increased 13 percent to 4.29 pesos, the sharpest gain since Oct. 26, after the price of the precious metal climbed to more than $1,800 an ounce today. Apex’s Class B shares (APXB PM), which have no ownership restrictions, rallied 16 percent to 4.39 pesos, the highest since March 3.

Lepanto Consolidated Mining Co.’s Class A shares (LC PM) rose 6.3 percent to 1.36 pesos, the highest close based on prices going back to January 1990. Gold for immediate delivery advanced as much as 1.2 percent to a record $1,814.95 an ounce before trading at $1,794.

Philex Mining Corp. (PX PM), the largest Philippine metals producer, climbed 2.8 percent to 27.85 pesos, the highest close based on prices going back to January 1990. The company expects to exceed its 4 billion peso ($94 million) core profit target this year because of a rise in gold prices, Chairman Manuel Pangilinan said.

To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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