ABS-CBN Corp. outvalues GMA Network in stock prices for the first time in nearly two years

It seems the movement was driven by robust trading, seeing a staggering 15 million shares traded during the day

ABS-CBN Corp saw its stock price higher than GMA Network, for the first time, in 20 months, or since August 2022. The equity has been seeing upsurge in prices, ever since Leandro Leviste purchased an 8.5 stake in the company, lifting its stock price from around Php3.00 to PhP5.10.

The surge notably coincided TeleRadyo Serbisyo’s debut on free TV, via Philippine Collective Media Corporation’s RPTV, which is ABS-CBN’s partner entity in bringing back TeleRadyo and its radio counterpart, Radyo 630, back on air.

On closing, ABS-CBN Corp shares are valued at ₱7.66 apiece, higher than GMA Network Inc.’s ₱7.46. ABS-CBN’s price saw an 11% surge since the previous trading day.

Big movements like this, are traditionally linked to big volume of shares being sold or bought, although major events in the company also tend to excite traders and investors, thereby also pushing or pulling the stock prices. It seems these movements are indicative of ABS-CBN moving forward, as it recorded an improvement in revenue or sales.

Last April, ABS-CBN forged stronger alliance with GMA Network, with its flagship noontime show,It’s Showtimeairing for the first time, on GMA’s main channel.