Bloomberg News

Philippine Stocks: AgriNurture, Cebu Air, Nickel Asia, Philex

October 04, 2011

Oct. 4 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the 1 p.m. close in Manila.

The Philippine Stock Exchange Index decreased 0.9 percent to 3,829.92, a second day of losses.

AgriNurture Inc. (ANI PM), a vegetable and fruit grower, advanced 5.5 percent to 10.04 pesos, the highest close since Jan. 14. The company said its directors approved the sale of 25 million shares at 10 pesos each, a 16 percent premium to the average closing price in the five days through Oct. 3.

Cebu Air Inc. (CEB PM), the largest Philippine budget carrier, climbed 3.3 percent to 72.30 pesos, the biggest percentage gain in the benchmark stock index. The airline said it will increase flight frequencies and seat capacity on some international routes by January as it takes delivery of new Airbus 320 aircraft.

Nickel Asia Corp. (NIKL PM), the largest Philippine producer of the metal, sank 2.6 percent to 16.82 pesos, the lowest close since Sept. 26. The stock tumbled as much as 13 percent earlier today, its sharpest intra-day loss, after the company said its unit Taganito Mining Corp. has suspended operations and nickel-ore loading activities after its mine was occupied by armed men, who also burned some equipment.

Philex Mining Corp. (PX PM), the nation’s largest metals producer, decreased 1 percent to 20.80 pesos. The stock slumped as much as 4.8 percent earlier today. Copper for three-month delivery retreated 2.6 percent to $6,811 a ton, bound for the lowest close since July 20, 2010.

--Editor: Shiyin Chen

To contact the reporter on this story: Ian Sayson in Manila at isayson@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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