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 0.2 percent to 5,214.52, snapping a five-day losing streak. The measure fell 2.8 percent this week, the sharpest loss since the week ended May 18.
AgriNurture Inc. (ANI PM), a fruit and vegetable grower, rose 1 percent to 8.49 pesos, the highest close since July 9. The company is negotiating and finalizing expansion and acquisition agreements in Hong Kong, China, Australia, the U.S. and Europe, it said in a stock-exchange filing. It will use unit AgriNurture HK as a vehicle for the acquisitions, the filing said.
Robinsons Land Corp. (RLC PM), the nation’s second-largest shopping mall operator, increased 3.8 percent to 18.20 pesos, the highest close since May 8. JG Summit Holdings Inc. (JGS PM), parent of Robinsons, rose 2.1 percent to 32.70 pesos, snapping a four-day retreat. Robinsons is in discussions with Japanese billionaire Kazuo Okada in connection with his Manila casino project and “nothing definitive has been concluded,” Robinsons President Frederick Go said. The Philippine Daily Inquirer reported that Robinsons is in talks to run the project’s gaming and retail operations.
Megaworld Corp. (MEG PM), the residential towers builder owned by billionaire Andrew Tan, increased 1.8 percent to 2.22 pesos, the sharpest gain since June 29. Tan’s group may build the residential component of Okada’s casino resort, according to Kristina Garcia, investor relations officer at Alliance Global Group Inc., Tan’s publicly listed holding company and parent of Megaworld. “Talks are very preliminary,” she said.
SM Prime Holdings Inc. (SMPH PM), the nation’s biggest shopping mall operator, increased 3.9 percent to 13.38 pesos, the sharpest gain since June 18. The stock’s 12-month share-price estimate was raised to 16.50 pesos from 15.53 pesos by Alex Pomento, analyst at Macquarie Group Ltd.