News Highlights: SEC cleared PF’s increase in capital to P12bn & name revision to San Miguel Food & Beverage, Inc. (SMFBI). Mining Industry Coordinating Committee (MICC) started its review on 26 mines ordered suspended or closed by former DENR chief Lopez. Completion of review is slated in 6 months. Asia Society for Social Improvement & Sustainable Transformation (ASSIST) teamed-up with Deutsche Investitions-und Entwicklunchsgesellschaft (KfW) & SolarNRG Netherlands for accessRE, that would pilot solar energy projects in Metro Manila.
Mart scored higher. Tracking its lead from Wall Street’s recovery, the PSEi ramped 114 points higher at 8,047 (+1.45%) on P6.2bn turnover. Sessions moved within 7,932-8,047. Sectors rose in unison, primed by financials (+2.2%) & property (+2%). ALI (+P1 at P41.10); MBT (+P2.80 at P85.80); BDO (+P2 at P140); & NOW (+P1 at P7.85) led actively-traded shares. Gainers-losers ended 148-64.
Limited trading band. Sentiment might take its cue from Wall Street’s volatile swing, especially with renewed concerns on US tech shares. Most might also check on the PSEi’s staying power above the 8,000 threshold, with no other fresh leads at the local front. Meanwhile, declines might stay muted as last-minute push from end of quarter window dressing from fund managers take hold. Immediate support is 7,950, resistance 8,050.
Marts extend gains. Eased trade fears pushed Asian stocks to extend gains Tuesday, with major bourses in the green after U.S.-China renegotiations were hinted by a report.
Tech shares down anew. US equities fell as gov’t. regulation concerns & privacy issues on
Facebook (FB) weighed on tech shares. FB fell 5% at $152/share & is down 15% for the month.
DJIA -344 pts, 23,857 (-1.43%), Nasdaq Comp. -211 pts, 7,008 (-2.93%).
Oil settles lower. Oil closed lower Tuesday with reports of higher weekly output from the government pressuring prices, although losses were trimmed as major producers talk of extending production-cut deal. West Texas Intermediate (WTI) shed $0.76 to $64.79/barrel.
PF soon to change name, capital hike approved.
SEC cleared PF’s increase in capital to P12bn & name revision to San Miguel Food & Beverage, Inc.(SMFBI). After SMFBI’s share-swap with SMC’s GSM & San Miguel Brewery, SMFBI will hold a follow-on offer of P100bn-P150bn in 2H18.
Companies with ex-dividend today:
Companies going ex-dividend today include: MAXS P0.144122, payable 13 Apr.; GTCAP P3, payable 13 Apr.
Companies with ex-dividend on 03 April:
Companies going ex-dividend on April 03 include: SMC P0.35, payable 04 May; ALCO P0.012, payable 02 May; LFM P0.50, payable 30 Apr.
Mining review starts:
Mining Industry Coordinating Committee (MICC) started its review on 26 mines ordered suspended or closed by former DENR chief Lopez. Completion of review is slated in 6 months. 1st phase will address legal, technical & environmental concerns, the 2nd will cover social & economic aspects of mining operations.
Asia Society for Social Improvement & Sustainable Transformation (ASSIST) teamed-up with Deutsche Investitions- und Entwicklungsgesellschaft (KfW) & SolarNRG Netherlands for accessRE, that would pilot solar energy projects in Metro Manila. The target is to install max. of 100kW by getting small-cali power solutions with 1 kilowatt-peak (kWp) to 5kWp, that could save P1,500-P7,500/month.