Century Pacific debuts on FTSE
Leading Philippine canned food producer Century Pacific Food Inc. (CNPF) is set to debut on the highly-tracked FTSE Global Equity Index Series for Asia Pacific ex-Japan, joining the FTSE small cap and all-cap indices effective March 20.
Meanwhile, infrastructure holding firm Metro Pacific Investments Corp. (MPIC) is moving to the FTSE’s large cap index, replacing Alliance Global Group Inc. (AGI), based on an announcement from FTSE.
MPIC was previously part of the small-cap index.
AGI, for its part, will be transferred from the FTSE’s large cap to the mid-cap index.
“(FTSE) inclusion could push up CNPF as funds tracking the index buy shares to reflect rebalancing,” said April Lee-Tan, head of research at leading online stock brokerage COL Financial.
The rebalancing of the FTSE Global Equity Index Series Asia Pacific ex Japan is based on its semi-annual review of more than 7,400 securities in 47 different countries. The latest rebalancing will all take effect on March 20.
FTSE Indexes serve as performance benchmarks and aid in the creation of a broad range of financial products, including index tracking funds, derivatives and exchange-traded Funds.
“We will continue to share our investment story as we believe that the Philippine growth story remains alive and well,” CNPF’s Chief Finance Officer Oscar Pobre said.
“Even as we face a more challenging environment this year, we remain positive on our Company’s long-term prospects,” he added.
Led by the Po family, CNPF is currently valued by the stock market at around P59.15 billion. Shares rose by 3.95 percent to close at P17.36 per share on Monday after the announcement of its inclusion in the FTSE.
CNPF earlier made its debut on the MSCI Philippine small cap index last May 31, 2016.
This company is engaged in the development, marketing, and distribution of processed fish, meat, dairy and coconut under its own brands, as well as the brands of others. It maintains market leadership locally in the canned fish and canned meat segments, while actively growing its presence in canned and powdered milk. It is also the Philippines’ leading exporter of private label tuna and coconut products.
CNPF earlier made its debut on the MSCI Philippines small cap index last May 31, 2016. The company was also named by financial publication Asiamoney as the country’s “Best Managed Company” in 2016, under the small cap category.
Meanwhile, Metro Pacific – which has interests in power distribution and generation, water utility, toll roads and healthcare – gained 0.76 percent to close at P6.65 per share on Monday. It is currently valued by the stock market at close to P208 billion.
AGI , which is valued by the market at around P126.5 billion, gained 1.46 percent to close at P12.50 per share on Monday.
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