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Investors pick Apollo as unit's Cagayan offshore mining operations begin


Researcher
MARKET investors snapped up Apollo Global Capital, Inc. shares last week after it firmed up its majority owned unit’s 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 29’s 19.4 centavos. These have jumped by 24.5% since the start of the year.
“There was already a lot of positive speculation regarding Apollo’s 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 — as seen from the thin price range Apollo has been trading at since the start of February,” Regina Capital Development Corp. Equity Anal ....

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