Singapore Stocks: Jardine Cycle, Tiger Air, United Envirotech
Singapore’s Straits Times Index (FSSTI) gained 0.8 percent to 3,215.27 at the close of trading, its highest close since Jan. 28. Almost four stocks rose for each that fell in the index of 30 companies. The stock market started trading today without a lunch break, operating non-stop from 9 a.m. through 5:10 p.m.
Shares on the measure trade at an average 14.9 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.
Palm-oil producers: Crude palm-oil futures for October delivery rose as much as 1.3 percent in Kuala Lumpur today, heading for the first advance in three days. Golden Agri- Resources Ltd. (GGR SP), the world’s second-biggest palm-oil producer by sales, increased 1.4 percent to 74 Singapore cents. Wilmar International Ltd. (WIL) , the world’s biggest palm-oil processor by sales, added 0.5 percent to S$5.92.
Jardine Cycle & Carriage Ltd. (JCNC) , a motor distributor that gets most sales from Indonesia, advanced 2 percent to S$49.34. The company said first-half net income climbed 35 percent from a year earlier to $485 million.
SATS Ltd. (SATS) , a ground-handling services provider partly-owned by Temasek Holdings Pte, added 1.2 percent to S$2.55. The company said it and Creuers del Port de Barcelona SA jointly submitted a bid to operate a new international cruise terminal in Singapore.
Tiger Airways Holdings Ltd. (TGR) , the budget carrier partly owned by Singapore Airlines Ltd. (SIA SP), increased 0.4 percent to S$1.21. The company said its Australian flights will remain grounded until at least Aug. 3. The regulator, which suspended Tiger’s flights in Australia since July 1 due to safety concerns, last week set conditions before allowing the airline to resume operations.
United Envirotech Ltd. (UENV) , an environmental engineering company, surged 13 percent to 39.5 Singapore cents. The company said KKR & Co. agreed to buy $113.8 million of the company’s convertible bonds. The five-year bonds carry a coupon rate of 2.5 percent per annum and can be converted into United Envirotech shares at 45 Singapore each, it said.
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