Home THE DAILY EDGE Business Dec 16: SIA, Chemoil, SingTel, StarHub, Ace Achieve Infocom
Dec 16: SIA, Chemoil, SingTel, StarHub, Ace Achieve Infocom

Tags: Ace Achieve Infocom | Chemoil Energy | Cosco Corporation (Singapore) | Golden Agri-Resources | Indofood Agri Resources | Mercator Lines (Singapore) | Noble Group | Singapore Airlines | Singapore Telecommunications | Stx Pan Ocean Co. | Telechoice International | Wilmar International

Written by The Edge   
Wednesday, 16 December 2009 09:05
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The following companies may have unusual price changes in trading today, say Bloomberg and Thomson Reuters. Share prices are from the previous close. Singapore’s Straits Times Index lost 0.84 point or less than 0.1%, to 2,798.70 at the close yesterday.

US stocks fell last night, with the Dow and S&P 500 moving off 14-months highs, as a climb in producer prices raised inflation concerns and economic bell wether General Electric issued a flat outlook for 2010.

Palm oil suppliers: Crude palm oil for February delivery rose 0.5% in Kuala Lumpur yesterday. Golden Agri-Resources (GGR SP), the world’s second- biggest palm oil producer, gained 1% to 48.5 cents. Indofood Agri Resources (IFAR SP), the palm oil unit of Indonesia’s biggest noodle maker, added 1% to $2.02. Wilmar International (WIL SP), the world’s biggest palm oil trader, climbed 0.3% to $6.34.

Bulk carriers: The Baltic Dry Index, which measures the cost of shipping commodities, declined 0.3% in London yesterday, taking losses in the past seven days to 14%. Cosco Corp. Singapore (COS SP), a China-based shipbuilder that also operates bulk carriers, dropped 0.9% to $1.05. Mercator Lines Singapore (MRLN SP), an Indian bulk carrier, rose 1.7% to 31 cents. STX Pan Ocean Co. (STX SP), South Korea’s biggest bulk carrier, slid 0.3% to $13.94.

Noble Group (NOBL SP): The Hong Kong-based supplier of raw materials was cut to “neutral” from “buy” by Andreas Bokkenheuser, an analyst at UBS AG. The stock lost 1% to $3.10.

Singapore Airlines (SIA SP): Tiger Airways Pte (4661Z SP), a budget carrier partly owned by Singapore Airlines, has begun pre-marketing an initial share sale to institutions and may seek as much as $500 million, the Australian Financial Review reported in its Street Talk column. Also, the carrier was raised to “overweight” from “neutral” by Mark Webb, an analyst at HSBC Holdings Plc. Singapore Airlines rose 0.7% to $13.76.

Chemoil Energy (CHEME SP): A unit of Glencore International AG (1696Z SW) agreed to buy a 50.8% stake in Chemoil Energy for 35.52 US cents a share and is offering to buy the rest, according to a regulatory statement. Chemoil, which was suspended from trading yesterday, slumped 3.3% to 43.5 US cents on Dec. 14.

Singapore Telecommunications (ST SP): Southeast Asia’s biggest telephone company, known as SingTel, and rival StarHub (STH SP) said they made a joint bid to broadcast next year’s World Cup finals. SingTel was unchanged at $3.02 and StarHub gained 2.5% to $2.06.

Ace Achieve Infocom
, the developer of telco products and solutions in China, posted a 1.2% rise in revenue for the six months ended Oct 31 (HY10) to RMB 76 million ($15.5 million) in HY10 from RMB 75.1 million in HY09. The rise in revenue was led by the operation and business support solutions segment and the broadband data solutions segment, says Ace Achieve Infocom. HY10 net profit gained 28% to RMB 8.4 million compared to RMB 6.6 million in HY09.

TeleChoice International (TLC SP): The provider of mobile network engineering services said it won a two-year contract with StarHub to keep supplying integrated fulfillment and management services. TeleChoice lost 2.3% to 21 cents.

Singapore’s Department of Statistics said the country’s October retail sales rose 6.0% after seasonal adjustments, with motor vehicle sales up 8.1% versus September, while sales of telecommunications goods and computers rose 5.3% from the previous month.

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Last Updated on Friday, 18 December 2009 09:04