San Miguel shares extend best winning streak since 2010
MANILA, Philippines - San Miguel Corporation continued its surge ahead of the group's results for last year.
On Friday, San Miguel was up 1.41% to P72. It has gained 26 percent in two weeks, on bets of strong earnings and improved finances from cheaper borrowings and its P72 billion sale of shares in Meralco. This is its best gain in about four years.
Speculation San Miguel was close to selling its gin business Ginebra was also cited as a factor. Group head Ramon Ang though denied Ginebra was for sale mid-week.
Ang also figured in speculation surrounding GMA 7 in Friday trade, after a broadsheet reported he bought about a third of the network for close to P11 billion.
Ang was cryptic when asked if the news was true, saying it was an "old story" GMA, and its three main shareholders, the Gozon, Duavit and Jimenez families, declined to comment.
GMA shares and Philippine Depository Receipts surged in friday trade.
While San Miguel and GMA were moving higher, the rest of the market fell.
Philippine shares closed lower for a second week in a row, dragged this week by JG Summit, GT Capital, and Aboitiz Equity Ventures. Andrew Tan's Travellers International was also among the big losers.
The Philippine Stock Exchange index closed 1.22% lower at 6,339.26.
Aboitiz Equity ventures fell nearly 5 percent Friday, after getting a sell recommendation from Maybank Atr Kim Eng. It's fallen nearly eight percent since Thursday, the ex-date for a cash dividend of the holding company of the Aboitiz family.
JG Summit and GT Capital fell sharply at the closing bell on Friday, ahead of the effective date of their inclusion in a FTSE index, used as an investment guide by fund managers abroad. The two had risen sharply since their inclusion was announced earlier this month.
Travellers International plunged 11 percent in two days since reporting a near 60% decline in profit in 2013. Travellers is the operator of Andrew Tan's casino Resorts World Manila.