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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