Improved nine-month financial results and news on its planned capital raising activities prompted the shares of AC Energy Philippines Inc. (ACEN) to rally last week. AC Energy posted a net profit of P3.02 billion in the first three quarters of the year, a reversal from the P216.98-million loss it recorded in the same period last year. Tantiangco also said the firm’s planned capital raising activities, which are seen to support the expansion of its energy portfolio, helped boosted its shares. Moving forward, AC Energy’s shares might see a pullback as investors book gains after its sharp climb. Government initiatives to support the renewable energy industry of the country is also seen to boost sentiment toward AC Energy in the future.

Source: Manila Times November 22, 2020 16:18 UTC