Philippine Equity Movers: Jollibee, Lepanto, Manila Electric
The Philippine Stock Exchange Index (PCOMP) rose 0.2 percent to 5,120.07, capping a 3.8 percent weekly gain, the biggest since October.
Mining stocks: Lepanto Consolidated Mining Co.’s Class A shares (LC) , which are reserved for Filipinos, declined 3.5 percent to 1.38 pesos, the sharpest loss since May 16. Nickel Asia Corp. (NIKL) , the nation’s biggest producer of the metal, declined 1.6 percent to 31 pesos, the steepest retreat since June 14. The London Metals Index, a basket of six metal futures including copper and nickel, sank 2.6 percent yesterday to the lowest level since Oct. 20.
Jollibee Foods Corp. (JFC) , the nation’s biggest fast- food company, declined 1 percent to 104 pesos, reversing a gain of as much as 1.4 percent. The company may opt to pay a stock dividend instead of a cash payout, Chairman Tony Tan Caktiong told shareholders during the company’s annual meeting today.
Manila Electric Co. (MER) , the nation’s biggest power retailer, increased 2.6 percent to 241 pesos, the sharpest gain since June 7. Philex Mining Corp. (PX) Chairman Manuel Pangilinan said the metals producer is in talks with the utility to build a power plant. Pangilinan is also chairman of Manila Electric.
Philippine Long Distance Telephone Co. (TEL) , the nation’s biggest phone company, advanced 2.9 percent to 2,502 pesos, the highest close since May 11. Core profit will reach 39 billion pesos ($917 million) in 2013, compared with a 37 billion peso forecast for this year, ABS-CBN News reported, citing Chairman Manuel Pangilinan. Pangilinan couldn’t be reached in his office for comment.
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