Home THE DAILY EDGE Business Sept 14: NOL, Olam, SembMarine, Ascott Residence Trust
Sept 14: NOL, Olam, SembMarine, Ascott Residence Trust

Tags: Ascott REIT | Ascott Residence Trust | Lum Chang Holdings | Neptune Orient Lines | Noble Group | NOL | Olam International | Oriental Food (Holdings) | Sembcorp | Sembcorp Industries | Sembcorp Marine | Stamford Tyres Corporation | Xpress Holdings

Written by The Edge   
Tuesday, 14 September 2010 08:46
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Singapore stocks may open higher on Tuesday after Wall Street shares rose to their highest level in five weeks on upbeat Chinese factory data and new global banking rules.

The following companies may have unusual price changes in trading today. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index climbed 1.5% to 3,066.81.

Lum Chang Holdings (LCH SP): The Singapore-based construction company said it won a contract, valued at $119.4 million, to build a residential condominium at Sengkang, in the northeast Singapore. The stock gained 1.6% to 32 cents.

Neptune Orient Lines
(NOL SP): Southeast Asia’s biggest container carrier said average freight rates increased 45% in the four weeks to Aug. 20 from a year earlier as it transported 13% more cargo. Neptune Orient gained 1.5% to $2.03.

Sembcorp Marine (SMM SP): The world’s second-biggest oil-rig builder said it won ship repair and upgrading contracts, valued at $110 million. The stock rose 1% to $3.96.

Sembcorp Industries (SCI SP): The Singapore-based conglomerate that gets 44% of revenue from utilities said its associate, Thermal Powertech Corp., signed financing arrangements covering 75% of the $2 billion cost of building a power plant in Andhra Pradesh, India. Its shares climbed 1.6% to $4.42.

Stamford Tyres Corp. (STC SP): The Singapore-based retailer and distributor of tires said first-quarter profit increased 24% to $1.12 million from a year earlier. Stamford Tyres slipped 1.7% to 28.5 cents.

Ascott Residence Trust (ASRT.SI), a REIT unit of The Ascott Ltd, is selling about $522 million worth of new units, according to a term sheet obtained by Reuters on Monday. It requested a trading halt early on Tuesday.

Singapore printing and publishing firm Xpress Holdings (XPRL.SI) said its fourth quarter net profit fell 27% to $5.18 million from a year ago due to lower gain from disposal of investments and an absence of tax credit.

Oriental Food Holdings (ORIE.SI), a Chinese peanut products manufacturer, said on Monday it has bought a long steel production facility in China's Jiangsu Province for 25 million yuan ($4.9 million) to diversify into industrial and construction materials.

Commodity suppliers: The Reuters/Jefferies CRB Index, which tracks prices of 19 commodities from copper to corn, rose 0.9% in New York yesterday. Cotton futures in New York rose to the highest level since September 1995. Noble Group (NOBL SP), a Hong Kong-based commodities supplier, climbed 4.1% to $1.77. Olam International (OLAM SP), one of the world’s three biggest suppliers of cotton, jumped 7.2% to $2.99.


 

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Last Updated on Tuesday, 14 September 2010 08:49