Philippine Stocks Movers: Cebu Air, Phoenix, Security Bank
The Philippine Stock Exchange Index rose 1.1 percent to 4,805.80.
Cebu Air Inc. (CEB) (CEB PM), the nation’s largest budget carrier, rose 3.9 percent to 75.65 pesos, the highest close since Nov. 4. The Philippine government is “confident” it will meet its target of attracting 10 million tourists by 2016, the Philippine Star reported, citing Bong Benzon, assistant secretary at the tourism department. Benzon couldn’t be reached at his office for comment.
Phoenix Petroleum Philippines Inc (PNX). (PNX PM), the largest independent oil retailer in the southern island of Mindanao, rose 4.3 percent to 12.20 pesos, the highest close since Dec. 5. The gasoline retailer said its profit increased 19 percent to a record 510 million pesos ($12 million) in 2011.
San Miguel Brewery Inc. (SMB PM), the largest Philippine beermaker, gained 1.4 percent to 28.90 pesos, the sharpest advance since Jan. 18. The company said profit rose 17.4 percent to 12.2 billion pesos last year, from 10.4 billion pesos in 2010. The brewer also said it plans to sell as much as 20 billion pesos of bonds to repay debt.
Security Bank Corp. (SECB PM) advanced 1.4 percent to 124.70 pesos, the highest close since the stock began trading in June 1995. The bank sold 5 billion pesos of 7-year notes ahead of its Feb. 10 schedule, the Philippine Daily Inquirer reported, citing President Alberto Villarosa. Villarosa couldn’t be reached at his office for comment.
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