Singapore's shares closed higher on Thursday. The ST Index ended up 14.98 points, or 0.48%, at 3,156.55, its highest close since 2 August 2011. Here are some stocks and factors to watch this Friday morning:
Australand Property Group, 59% owned by CapitaLand, on Friday rejected an offer from larger rival GPT Group to buy parts of its business, including its US$2.4 billion investment property portfolio, saying the bid did not provide a sufficient premium.
Cash-rich Singapore Airlines will likely need acquisitions or more partnerships as it reshapes its strategy to tap into fast-growing Asian markets and to counter stiff competition from Middle Eastern carriers. Meanwhile, SIA and Virgin America have also launched a codeshare partnership.
The Singapore Exchange plans to introduce an iron ore futures contract next month in a bid to retain and attract more US clients faced with tougher rules in trading over-the-counter (OTC) derivatives.
Wheelock Properties (Singapore) has purchased 1,066,000 shares in SC Global Developments at the price of about $1.81 from the open market. As a result of such purchases, Wheelock holds 16.09% of SC Global shares. On Dec 5, SC Global Chairman and CEO Simon Cheong made a voluntary unconditional cash offer through MYK Holdings for all remaining issued ordinary shares of SC Global at $1.80 a share.
SGX said there were no changes to the STI constituents after its first quarterly review of the FTSE ST Index Series. However, three new IPOs namely, Courts Asia, Geo Energy Resources and Religare Health Trust, listed in October 2012, gained entry into FTSE ST Small Cap Index.
Lifebrandz has posted a net loss from operations attributable to equity holders of $521,000 for the first quarter ended Oct 31. It had recorded a net loss of $937,000 in the same period last year.
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