Philippine Stocks: Anglo Philippine, Manila Electric, San Miguel
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 1 percent to 3,913.98, the sharpest gain since March 4.
AgriNurture Inc. (ANI) , a vegetable and fruit grower, gained 2.1 percent to 9.09 pesos, the sharpest advance since March 7. The company said it plans to raise funds through the sale of shares and 1 billion pesos ($23 million) of bonds.
Anglo Philippine Holdings Corp. (APO PM), which has a stake in a mass-rail transit system serving Manila, surged 20 percent to 1.90 pesos, the sharpest advance since June 2005. The company posted a 560.8 million-peso profit last year and will pay a dividend of 5 centavos a share, a stock exchange filing showed.
Manila Electric Co. (MER) , the largest Philippine power retailer, increased 3.8 percent to 258 pesos, the highest close since Jan. 26. President Manuel Pangilinan said the utility is in talks with Semirara Mining Corp. (SCC) for a joint investment in power generation. Manila Electric is interested to invest in a venture to double the capacity of Semirara’s 600- megawatt power plant, Semirara Director Herbert Consunji said in a phone interview. Semirara, the nation’s biggest coal producer, climbed 2.3 percent to 227 pesos.
San Miguel Corp. (SMC) , the nation’s biggest food and drinks company, advanced 1.9 percent to 160 pesos, the sharpest advance since March 11. The company plans to bid for five power- generating assets that the government will sell to private investors, the Philippine Daily Inquirer reported, citing President Ramon Ang. Ang didn’t respond to a text message on his mobile phone and couldn’t be reached for comment in his office.
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