Philippine Equity Movers: Marcventures, PLDT, Rizal Commercial
The Philippine Stock Exchange Index (PCOMP) rose 0.2 percent to 5,242.06.
Marcventures Holdings Inc. (MARC) advanced 6.9 percent to 3.43 pesos, the most since April 17 and snapping a three-day, 14 percent slide. The company said its mining unit has started shipping nickel ore and that it will start a “major” drilling and exploration program this year.
Philippine Long Distance Telephone Co. (TEL) fell 0.6 percent to 2,536 pesos, the lowest close since December 28. The nation’s largest company by market value said first-quarter net income dropped 6 percent from a year earlier to 10.1 billion pesos ($239 million) on higher expenses.
Rizal Commercial Banking Corp. (RCB) rose 4.1 percent to 44.90 pesos, the biggest gain since Feb. 24. The bank sold 1.15 billion pesos of so-called certificate of deposits that will mature in five-and-a-half years, documents on the sale show.
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