re: what the.....16 cents now There's still a lot of political instability that is causing a lot of investors to sell off Phillipine companies. LAF isn't traded on their exchange, but the lack of confidence will affect them. Refer to article at the end of my post:
I am still hearing things are ok at LAF however, their gold production going well with the only concern being an extended dry season which requires careful water management.
Pre-commissioning of base metals is on target for October commencement, while i'm sure investors will be pleased to hear about the continued support of LAF by LGI.
I believe LAF will be undergoing some roadshow type strategies in the coming weeks also.
Things will get moving, may be a little volatile in the meantime.
6 months time and this will be seen to be extremely cheap. I am confident of that.
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Tuesday, September 13, 2005
Shares lower on politics, rate fears
PHILIPPINE share prices closed lower on Monday, extending losses on continued political concerns over street protests against President Arroyo and a possible tightening of monetary policy, dealers said.
Militant groups are vowing more protests despite the quashing of an impeachment complaint against Mrs. Arroyo in Congress earlier this month. The opposition accuses Mrs. Arroyo of cheating in the May 2004 elections.
The Philippine Stock Exchange composite index fell 15.86 points to 1,866.91 after trading between 1,866.08 and 1,892.23. Volume was 493.43 million shares worth P766.8 million ($13.7 million.)
The all-shares index fell 8.13 points to 1,144.11.
Losers led gainers 49 to 20, with 48 stocks unchanged.
The Philippine peso was at P55.996 to the dollar.
“We were really expecting the market to trade downward further. Politics remains a major factor,” said Nina Tinio of Unicapital Securities Inc.
“It is a sign of investors’ dwindling confidence on the Philippines,” said Jose Vistan of AB Capital Securities, citing signs that foreign investors had been selling out of the Philippine market in recent sessions.
Ayala Land Inc., the most active stock, ended unchanged at P7.40 while parent Ayala Corp. slipped P10 to P272.50.
Philippine Long Distance Telephone Co. retreated P5 to P1,570, while Globe Telecom lost P30 at P695.
SM Prime Holdings fell 10 centavos to P6.80 while parent SM Investments Corp. shed P3 to P200.
Bank of the Philippine Islands gained 50 centavos to P51.
San Miguel Corp. B shares were steady at P92.50 while San Miguel Corp. A was unchanged at P65.
--AFP
LAF
lafayette mining limited
