Aug. 23 (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 jumped 2 percent to 4,375.39, the sharpest gain since Aug. 10.
Builders: Ayala Land Inc. (ALI PM), the nation’s biggest builder of homes by market value, climbed 3.2 percent to 16 pesos, the sharpest gain since Aug. 10, on speculation borrowing costs may decline after the yield on government securities decreased. Filinvest Land Inc. (FLI PM) rose 1.7 percent to 1.18 pesos, the first gain in three days.
The 91-day treasury bill’s yield fell to 0.979 percent in yesterday’s auction of the securities, the lowest since May 2.
Gold producers: Lepanto Consolidated Mining Co.’s Class B shares (LCB PM), which have no ownership restrictions, advanced 7 percent to 1.84 pesos, the highest close based on prices going back to January 1990, after the precious metal climbed to an all-time high. Philex Mining Corp. (PX PM), the nation’s biggest metals producer, rose 1.8 percent to 28.30 pesos.
Gold for immediate delivery climbed as much as 0.8 percent to $1,913.50 an ounce before trading at $1,901.70.
MacroAsia Corp. (MAC PM), a Philippine provider of in-flight catering services, gained 1 percent to 3.18 pesos, the first increase in five days. The company bought back 100,000 shares, a stock-exchange filing showed.
Oriental Peninsula Resources Group Inc. (ORE PM), an owner of nickel assets, advanced 5.9 percent to 5.41 pesos, the highest close since the stock began trading in December 2007. NiHAO Mineral Resources International Inc. (NI PM) said it boosted its stake in Oriental to at least 10 percent with the purchase of 5 million shares. NiHAO gained 2.8 percent to 3.70 pesos, the highest close since Nov. 3.
Premiere Entertainment Philippines Inc. (PEP PM), a gaming and entertainment company, advanced 8.6 percent to 38 centavos after the company said may it sell shares through a so-called “private placement” to raise funds for its planned expansion into energy and mining. The stock surged as much as 31 percent earlier.
To contact the reporter on this story: Ian C. Sayson in Manila at firstname.lastname@example.org
To contact the editor responsible for this story: Darren Boey at email@example.com