Century Pacific Food Inc (PSE:CNPF), the Philippines’ largest canned food company, is set to make its debut on the highly-tracked FTSE Global Equity Index Series for Asia Pacific ex-Japan.
CNPF will be added to FTSE Index’s Small Cap and AllCap categories effective March 20, 2017.
The company’s inclusion to the FTSE Global Equity Index Series is the result of a semi-annual review on more than 7,400 securities in 47 different countries.
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.
READ ALSO: Century Pacific Named ‘Best Managed Company’
“We will continue to share our investment story as we believe that the Philippine growth story remains alive and well,” said CNPF’s Chief Finance Officer Oscar Pobre.
“Even as we face a more challenging environment this year, we remain positive on our Company’s long-term prospects,” he added.
CNPF earlier made its debut on the MSCI Philippine Small Cap Index last May 31, 2016.
The report immediately propelled Century Pacific Food’s stock on the Philippine Stock Exchange Monday. The stock gained 3.95 percent to trade at P17.36 a share.
Century Pacific Food was awarded by Asiamoney as the country’s Best Managed Company in 2016, under the Small Cap category.
Asiamoney gave recognition to Century Pacific for its “clarity of strategy and adept use of marketing”.
The company “emphasizes the health advantages of its products, appealing to young consumers that value a recognizable brand and clean living”, Asiamoney added.
READ ALSO: Approved Foreign Investments Drop in Q4
Philippine stocks were mostly up on Monday, with the index gaining 1.21 percent to end the day at 7,233.09 points. Holding Firms gained the most with 1.90 percent.
Among the blue chips, SM Investments Corporation (PSE:SM) was the top gainer with a 7.76 percent price change, ending the day at P645.5 a share. Semirara Mining and Power Corporation (PSE:SCC) followed with a 2.44 percent price gain.
For all stocks, Jackstones Inc (PSE:JAS) was the top gainer with a 12.50 percent price gain. – BusinessTimes.ph