Feb 29: Noble Group, CDL, Mewah, Midas

Singapore shares are likely to rise on Wednesday, as a sharp drop in oil prices and buoyant US consumer confidence data helped to boost US stocks overnight.

The benchmark Straits Times Index rose 0.78% to 2,969.73 points. Here are some stocks and factors to watch, according to Reuters.

Commodities firm Noble Group may be in focus after it said 2012 will continue to be challenging. Noble posted a 57% fall in fourth quarter net profit after being hit by volatile markets and poor processing margins.

City Developments, Southeast Asia’s second-largest property developer, posted a 32% fall in fourth quarter net profit to $163 million on Wednesday, hurt by lower rental income.

Palm oil firm Mewah International said its fourth quarter net profit plunged 65% to $12.7 million from a year ago, hurt by lower sales from its bulk segment and higher costs. Its earnings, however, doubled on a quarter-on-quarter basis.

Midas posted a 22% fall in its 2011 net profit to 187.4 million yuan ($37.1 million), hurt by lower contribution from its associate as fewer train cars were delivered its customers.

Perennial China Retail Trust, which owns shopping malls in China, said it will distribute 2.35 cents per unit for the fiscal year ended 2011, in line with its forecast.

Shipbuilder Cosco Corp said it has secured contracts to build seven bulk carriers worth over US$190 million ($237.3 million).