March 16 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the close in Manila.
The Philippine Stock Exchange Index rose 2.3 percent to 5,145.89, a record close and the sharpest gain since Feb. 17. The gauge advanced 3.3 percent this week, the steepest gain since Oct. 28.
Consumer-related stocks: Jollibee Foods Corp. (JFC PM), the nation’s biggest restaurant operator, advanced to a record, leading gains among Philippine consumer-related stocks on speculation consumer spending will grow after funds sent home by Filipinos overseas increased 5.4 percent in January. Jollibee rose 13 percent to 119.50 pesos, the highest close since the stock began trading in July 1993. SM Prime Holdings Inc. (SMPH PM), the country’s biggest shopping mall operator, climbed 12 percent to 18.20 pesos, a record.
“Higher remittances translate to stronger consumer spending,” Peter Lee, senior investment officer at IGC Securities Inc., said in a phone interview. “Jollibee is recognized as one of the market’s top consumer names.”
Cebu Air Inc. (CEB PM), the nation’s largest budget carrier, gained 1.9 percent to 67.20 pesos, the sharpest increase since March 5. The company may consider buying into Philippine Airlines Inc., the country’s biggest carrier, “if the opportunity arose,” Cebu Air President Lance Gokongwei said. Gokongwei said there are no talks with Philippine Airlines. PAL Holdings Inc. (PAL PM), owner of Philippine Airlines, rose 3 percent to 7.26 pesos, the sharpest gain since Feb. 13.
Filinvest Development Corp. (FDC PM), which has investments in land, sugar and finance, rose 2.5 percent to 4.49 pesos, the sharpest gain since March 8. The company’s East West Banking Corp. unit won regulatory approval to sell shares in an initial public offering while its unit Filinvest Land Inc. said its so-called core profit rose 21 percent in 2011.
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