Singapore Stocks: CWT, Olam, Singapore Exchange, Yangzijiang
Singapore’s Straits Times Index (FSSTI) yesterday advanced 1 percent to 3,110.84 as of 11:02 a.m. local time, paring losses for the month and erasing the quarterly decline. Eight stocks advance for each that fell on index of 30 companies.
Shares on the measure trade at an average 14.3 times estimated earnings, compared with about 15.6 times at the end of 2010, according to data compiled by Bloomberg.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company name.
Commodity suppliers: The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities from copper to corn, rose 1.3 percent in New York yesterday, extending gains for a second day. Noble Group Ltd. (NOBL) , a Hong Kong-based supplier of energy, food and mining commodities, added 1 percent to S$1.98. Olam International Ltd. (OLAM) , a Singapore-based supplier of agricultural commodities, climbed 1.9 percent to S$2.75.
CWT Ltd. (CWT) , a Singapore-based logistics company, jumped 6.5 percent to S$1.32. The company said it agreed to buy a 74 percent stake in MRI Trading AG, a commodity supplier focused on base metals such as copper and zinc, for $94 million.
Singapore Airlines Ltd. (SIA) , the world’s second- largest carrier by market value, added 0.1 percent to S$14.26. The company said it agreed to lease an additional 15 Airbus SAS A330-300 planes as it seeks to expand in Asia, Australia and the Middle East.
Singapore Exchange Ltd. (SGX) , operator of the city’s bourse, climbed 1.6 percent to S$7.53. The company said its securities market will start trading continuously between 9 a.m. and 5 p.m. local time from Aug. 1. The move to scrap the lunch break and other initiatives such as the reduction of price ticks for trading stocks that will take effect next month will help boost trading volumes, Leng Seng Choon, an analyst at DMG & Partners Securities Pte in Singapore, wrote in a note to clients.
Yangzijiang Shipbuilding Holdings Ltd. (YZJ) , China’s third-largest shipyard outside state control, gained 1.4 percent to S$1.47. JPMorgan Chase & Co. initiated coverage of the stock with an “overweight” rating and a share-price forecast of S$1.80, saying it considers the company the best Chinese shipyard because of its balanced orderbook comprising of container ships, bulk carriers and multi-purpose vessels.
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