China Stocks: Jiangsu Baoli, Zhejiang Jinggong, Zijin Mining
Shares of the following companies had unusual moves in China trading. Stock symbols are in parentheses as of the 3 p.m. close.
The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, rose 7.12, or 0.3 percent, to 2,862.63. The CSI 300 Index gained 0.4 percent to 3,174.74.
Gold producers: Zijin Mining Group Co. (601899 CH), China’s largest gold producer, jumped 9 percent to 8.51 yuan, the biggest gain since Oct. 12. Zhongjin Gold Corp. (600489 CH), the second largest, rose 4.8 percent to 38.60 yuan.
Gold futures for April delivery rose $12.50, or 0.9 percent, to settle at $1,401.10 in New York yesterday, as demand for bullion as a safe haven increased amid unrest in the Middle East. The metal reached a record of $1,432.50 on Dec. 7.
Hangzhou Songcheng Tourism Development Co. (300144 CH), a theme park operator, gained 3.6 percent to 50.48 yuan. Goldman Sachs Group Inc. initiated its coverage of the stock with a “buy” rating, citing the company’s valuations.
Jiangsu Baoli Asphalt Co. (300135 CH), a producer of asphalt, gained 1.6 percent to 48.24 yuan. The company had its stock initiated at “buy” at Citic Securities Co. which said toll-road maintenance will boost demand for the company’s products. The brokerage set a share-price estimate of 66 yuan, analysts led by Yang Tao wrote in a report today.
Nanning Department Store Co. (600712 CH), an operator of department stores, rose 1.9 percent to 10.17 yuan after saying net income for 2010 surged 240 percent from a year earlier to 97.6 million yuan ($14.8 million).
Risen Energy Co. (300118 CH), a manufacturer of solar panels, advanced 3.3 percent to 75.20 yuan. Net income in 2010 jumped 137 percent from a year earlier to 275.1 million yuan, the company said in a statement last night. Risen plans to offer 10 bonus shares and 5 yuan in dividends for every 10 shares held, according to the statement.
Zhejiang Jinggong Science & Technology Co. (002006 CH), a machinery maker, advanced 2.7 percent to 57 yuan, a record high, after saying it plans to raise up to 464.5 million yuan in a private placement.
--Zhang Shidong. Editor: Allen Wan
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