Top Line, mining firms buck market downturn
Newly public Top Line Business Development Corp. emerged as the top bourse gainer in the first nine months, while mining firms continued to be a golden opportunity for investors as they navigate a tough political landscape.
Data from the Philippine Stock Exchange show that Cebu-based fuel retailer Top Line, which debuted in April, dominated the gainers as its share price skyrocketed by 360 percent from its end-2024 price to P1.38 on Sept. 30.
This comes shortly after the Lim family-led company announced its rapid expansion in Central Visayas, where it is steadily growing its retail fuel business.
Top Line started with three stations last year, but Erik Lim, the company’s chair, president and CEO, recently confirmed they were on the way to operating 50 stations by the end of the year.
To support this, it set aside P925 million to buy and renovate 38 retail fuel stations that will be under its Light Fuels brand.
Philweb backdoor listing?
Gaming technology operator PhilWeb Corp. came next with a 255.71-percent surge to P4.98 each.
Alfred Benjamin Garcia, research head at AP Securities Inc., said PhilWeb had been “the subject of backdoor listing rumors for a while now, and speculators keep buying up the stock despite the company’s denials that a backdoor listing is imminent.” (See related story below)
Mining stocks outperform
At the same time, mining stocks continued to shine.
Topping the list are Enrique Razon Jr.-led Apex Mining Co. Inc. (up 204.35 percent to P10.50), Manuel Pangilinan-led Philex Mining Corp. (up 192.47 percent to P8.16), Felipe Yap-led Lepanto Consolidated Mining Co. (up 158.21 percent to P0.173) and Manila Mining Corp. (up 140 percent to P0.0072).
According to Garcia, investors were gobbling up mining stocks because of rising gold prices.
Year-to-date, he said gold spot prices had soared by 51.6 percent, topping $4,000 per ounce for the first time in history.
Gold is typically seen as a hedge against global and domestic uncertainties due to its reputation as a safe-haven asset.
Other top gainers were Lodestar Investment Holdings Corp. (up 114.29 percent to P0.60), a former mining company, and Apollo Global Capital Inc. (up 107.50 percent to P0.0083), which has mining operations through its subsidiary.
