GMA-7 stocks zooms 41% on 1st trading day after ABS-CBN franchise denial of Congress

GMA-7 stocks zooms 41% on 1st trading day after ABS-CBN franchise denial of Congress

Its really their for the taking!
The shares of GMA Network Inc, skyrocketed on the first trading day after the decision of the House to kill the renewal of the application of the Lopez-owned ABS-CBN corporation.

Finally, after years of being second to the Kapamilya network, GMA is now the undisputed number 1 broadcast station in the country.
(photo credit to owner)

The value of its stock surge by as much as 41 percent to P8.50 in early trading after closing at P6.03 on Friday (July 10), where a total P410 million worth of GMA shares were traded just after an hour of trading.
Last week the Lopez controlled ABS-CBN Corporation failed to hurdle Congress’ scrutiny for a fresh 25 year legislative franchise.
Final vote was 70-11, an overwhelming rejection for a new franchise based on some legal violations committed by the station.
Here's a list of the 11 lawmakers who voted for ABS-CBN to return on air. 
·        Bienvenido Abante Jr, Manila 6th District
·        Carlos Isagani Zarate, Bayan Muna party-list 
·        Christopher De Venecia, Pangasinan 4th District 
·        Edward Vera Perez Maceda, Manila 4th District 
·        Gabriel Bordado Jr, Camarines Sur 3rd District 
·        Jose "Ping-Ping" Tejada, North Cotabato 3rd District
·        Lianda Bolilia, Batangas 4th District 
·        Mujiv Hataman, Basilan
·        Sol Aragones, Laguna 3rd District
·        Stella Luz Quimbo, Marikina 2nd District 
·        Vilma Santos-Recto, Batangas 6th District 

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