Miners firmer led by Philex as precious metals prices surge
Filed under: Mineral - Copper, Mineral - Gold, Operator - Philex
From: Inquirer.net
By Enrico dela Cruz
Thomson Financial
First Posted 11:54:00 02/20/2008
MANILA, Philippines — Shares in Philippine mining companies were firmer midway through Wednesday’s session, tracking higher prices of precious metals which surged overnight due to a weak dollar and concerns about supply.
Leading the rally was Philex Mining Corp., the country’s biggest gold and copper producer, with the sector shrugging off the equities market’s overall weakness due to negative leads such as record high oil prices and rising domestic political tension.
“There’s renewed bullishness on the mining sector given rising prices of metals. But volumes remain thin, suggesting that investors are still cautious and in a wait-and-see mode because of concerns about local politics and the health of the US economy,” said Jonathan Ravelas, chief strategist at Banco de Oro Unibank.
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