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MARKET investors snapped up Apollo Global Capital, Inc. shares last week after it firmed up its majority owned unitâs 10,000-ton-per-day magnetite iron ore offshore mining operation in Cagayan this month.
A total of 13.05 billion Apollo shares worth P2.78 billion were traded from Feb. 1 to 5, data from the Philippine Stock Exchange showed, making it the third most actively traded issue last week.
Shares in Apollo finished the week at 20.3 centavos apiece, 4.6% up from Jan 29âs 19.4 centavos. These have jumped by 24.5% since the start of the year.
âThere was already a lot of positive speculation regarding Apolloâs mining operations beginning mid-January, which drove its share price to significant highs. [S]o once the firm confirmed the news [last] week, it was more or less already priced in â as seen from the thin price range Apollo has been trading at since the start of February,â Regina Capital Development Corp. Equity Analyst Anna Corren
The stock market rebounded Thursday in step with the rest of Asia, as investors await Joe Bidens proposals for a vast new stimulus as well as comments from the head of the Federal Reserve on its policy outlook.