Philippine Stocks Movers: AgriNurture Rises, Jollibee Falls
Shares of the following companies had unusual price changes in Philippine trading. Stock symbols are in parentheses, and prices are as of the 12 p.m. close in Manila.
The Philippine Stock Exchange Index decreased 0.4 percent to 3,851.24.
AgriNurture Inc. (ANI PM), a fruit and vegetable grower, rose 3.3 percent to 8.44 pesos, the highest since Feb. 4. The company plans to acquire the Philippine master franchise of Tully’s Coffee, a stock exchange filing showed.
Jollibee Foods Corp. (JFC PM), the largest fast-food company, sank 2.6 percent to 77.90 pesos, the most since Feb. 1. It snapped a five-day, 8.8 percent rally that pushed the share price yesterday above its 30-day moving average.
“Jollibee has gone up sharply, making it ripe for investors to sell the stock and make short term gains,” said James Lago, an analyst at Manila-based PCCI Securities Brokers Corp. “The stock is also overvalued relative to the market.”
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