By Iris Gonzales (The Philippine Star) | Updated September 29, 2016 - 12:00am
MANILA, Philippines – Share prices closed higher yesterday, buoyed largely by the recovery in mining stocks, analysts said.
Mining investors cheered the results of the Department of Environment and Natural Resources (DENR)’s audit which cleared some mining companies.
The benchmark Philippine Stock Exchange index (PSEi) gained 29.62 points, or 0.39 percent, to finish at 7,586.96.
Similarly, the broader All Shares index rose 21.48 points, or 0.47 percent, to close at 4,517.41.
All sectoral indices closed in positive territory except for the industrial index, which plunged 11.37 points or 0.09 percent to finish at 11,805.88.
Total value turnover reached P6.40 billion as advancing stocks beat decliners, 116 to 64 while 50 issues were left unchanged.
DENR said 11 mining companies passed the audit. At the same time, it said 20 companies need to “get their acts together.”
The 11 mining companies that passed the audits are Pangilinan-led Philex Mining Corp.; Nickel Asia Corp.,’s Rio Tuba, Nickel Corp., Cagdianao Mining Corp. and Taganito Mining Corp; Atlas Consolidated Mining and Development Corp.; Techiron Resources Inc.; Platinum Group Metals Corp.; Philsaga Mining Corp.; Greenstone Resources Corp.; Apex Mining Co. Inc. and Pacific Nickel Philippines Inc.
During yesterday’s session, the best performers include Bloomberry Resorts Corp., up 6.03 percent; SM Prime Holdings Inc., up 2.22 percent; and Megaworld Corp. up 1.76 percent.