Philippine Stocks: Aboitiz Equity, Lopez, Oriental, 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 4,356.73.
Aboitiz Equity Ventures Inc. (AEV) , which has investments in power and banks, advanced 2 percent to 40.90 pesos, the highest since Aug. 25. The company said it bought an additional 885,382 shares in Union Bank of the Philippines.
Lopez Holdings Corp. (LPZ) , which has investments in energy and media, climbed 2 percent to 5.03 pesos, the sharpest advance since Aug. 10. The company said it will pay a 10 centavos-a-share dividend, its first since May 1995.
Oriental Peninsula Resources Group Inc. (ORE) jumped 11 percent to 4.99 pesos, the sharpest gain since July 13. The stock surged as much as 12 percent earlier today. The company said it “secured” investments from Yun Feng, which owns automotive companies and suppliers in China, to invest in its hydropower, coal and nickel projects, a stock-exchange filing showed.
San Miguel Corp. (SMC) , the nation’s biggest food and drinks company, increased 1 percent to 122 pesos. The company is in talks to acquire a company with a so-called enterprise value of $10 billion, President Ramon Ang said. Ang also said that San Miguel may buy back its shares and become a privately held corporation as regular disclosures hamper the way it does business.
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