Header AD

As expected, mining stocks skyrocketed after Lopez' CA rejection

The Mining and Oil index emerged as only gainer on the Philippine Stock Exchange Wednesday as stakeholders cheered as the bicameral Commission on Appointments rejected the appointment of Environment Secretary-designate Gina Lopez.


The sectoral index gained 339.02 points or 2.73 percent at the close of trading, against a 0.27-percent decline in the benchmark PSEi. All sectoral indices faltered on profit-taking.

Among the top gainers, Apex Mining Co. Inc. rose by 18.24 percent. Benguet Corp. “A” jumped 15.56 and Benguet Corp. “B” shares gained 14.71 percent.

The rally was largely due to results of the CA hearings on Lopez' appointment. “To a large extent, I would bet it was,” Justino Calaycay Jr., senior research analyst at Philstocks Financial, said.

Shares of Global Ferronickel rallied by 1.47 percent, Philex Mining Corp. by 1.31 percent and Semirara Mining and Power Corp. by 2.18 percent. — VDS, GMA News

As expected, mining stocks skyrocketed after Lopez' CA rejection As expected, mining stocks skyrocketed after Lopez' CA rejection Reviewed by AsianPolicy.Press on 6:08:00 AM Rating: 5

Post AD