Shares of Singapore container shipping firm Neptune Orient Lines surged as much as 4.7%, extending gains in the previous session as better-than-expected manufacturing data from around the world boosted sentiment, reported Reuters.
By 9:33 a.m. on Thursday, NOL shares were 3.3% higher at $1.41 with over 4.5 million shares changing hands, versus its average daily volume over the last five sessions of 12 million.
By 9:33 a.m. on Thursday, NOL shares were 3.3% higher at $1.41 with over 4.5 million shares changing hands, versus its average daily volume over the last five sessions of 12 million.
“We saw positive economic data out of the U.S. overnight and China reported better-than-expected PMI (purchasing managers index). It seems that the global economy isn’t as bad as people initially thought, which will benefit shipping firms,” said Eric Ong, an analyst at Kim Eng Securities.
An index of the U.S. manufacturing sector rose in January to its highest level since June, while China’s factory sector expanded slightly, despite expectations for a contraction.
NOL’s shares gained 5% on Wednesday, on expectations it may follow its rivals Maersk Lines and Orient Overseas Container Line and raise its freight rates.
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