Philippine based Global Ferronickel (FNI) has announced yesterday that its acquiring more shares from GHGC Holidings, a China based company. GHGC is a British Virgin Islands holding company owning 90% shareholding in Guangdong Century Tsinghan Nickel Industry Co., Limited.

The strategy will help FNI improve its Nickel Mining business and it is diversifying its investments towards high-growth firms and industries. It can provide operational synergies and improve cost efficiencies. FNI will acquire 22% of GHGC holdings through its subsidiary Gu Zhifang. FNI is buying its shares worth USD 75 Million a total of 10,000 shares

Acquiring 22.22% shareholding in GHGC gives FNI 20% indirect ownership in Guangdong Century. It provides experience and capabilities in value-added processing of nickel ore.

Guangdong Century is a nickel alloy enterprise in China that operates in a 33-hectare area with more than 600 employees.

Guangdong Century plant uses rotary kiln technology. The rotary kiln can feed up to 4 furnaces. Previously, the rotary kiln feeding at two furnaces produced only around 20,000 tons of pure nickel. After technical upgrade, the rotary kiln, now feeding at three furnaces, is estimated to produce about 28,000 tons of pure nickel.

Guangdong Century’s wholly owned subsidiary is Yangjiang Zichen Port and Logistic Limited Company, located near Yangjiang Harbour, Hailing Cove area.

Shares of FNI drop by -4.31% yesterday reflecting the overall market bearish sentiment.

FNI Stock Chart

The PSE market did close with an up move by 0.73% after news broke out that the FED will conduct an emergency meeting tonight, most likely to alleviate concerns on the market as everything keeps going downhill as of the moment.

Here is the news that probably have triggered a end of the day spike for the market, link courtesy by Investa. The market however is at the red side before the news and is pricing  the bearish sentiment of the US market last Friday.

Courtesy: Investa

The index closed at 5,783 level and still with a net foreign selling of -691 Million making the index stay at the oversold conditions.

For the blue chip stocks MER (5.40%), SM(+4.83%) and ICT (+3.96) led the winners while losers’ were led by WLCON (-9.45%), RLC (-4.13%) and AGI (-3.52%). Mining and Service sector are red for today. Majority of the blue chips are still in the downside. Although most of them are all in oversold condition already.

GAINERS

1MER                  5.40%

2SM                     4.83%

3ICT                     3.96%

4BPI                     2.79%

5JFC                     2.27%

6CNVRG              1.68%

7SMPH               1.66%

8ALI                    0.66%

9MEG 0.49%

10GTCAP 0.10%

LOSERS

1WLCON             -9.55%

2RLC                    -4.13%

3AGI                    -3.52%

4AEV                   -3.08%

5URC                   -2.54%

6JGS                    -2.02%

7PGOLD              -1.95%

8AP                      -1.62%

9GLO                   -1.58%

10MONDE          -1.48%

11ACEN              -1.43%

12TEL                  -1.19%

13SMC                -1.17%

14MPI                 -0.90%

15SCC                  -0.64%

In Asian Markets markets, all stocks major indices are in red as well. The same sentiment can be observe from US markets last Friday.

SymbolNameLast PriceChange% Change
^N225Nikkei 22526,215.79278.581.07%
^HSIHANG SENG INDEX17,067.43-155.4-0.90%
000001.SSSSE Composite Index3,024.39-16.81-0.55%
399001.SZShenzhen Index10,778.61-140.79-1.29%
^STISTI Index3,115.22-15.02-0.48%
^AXJOS&P/ASX 2006,456.90-17.3-0.27%
^AORDALL ORDINARIES6,656.40-22.3-0.33%
^BSESNS&P BSE SENSEX57,145.64-281.28-0.49%
^JKSEJakarta Composite Index7,018.52-22.27-0.32%
^KLSEFTSE Bursa Malaysia KLCI1,391.72-2.91-0.21%
^NZ50S&P/NZX 50 INDEX GROSS10,959.45-106.26-0.96%
Courtesy: Yahoo Finance

US market futures are pointing to a side wards movement for tonight trading.

Yahoo finance Futures