SINGAPORE (June 29): Here are some stocks that could move the market this Friday morning:
Del Monte Pacific (DMPL), the producer of branded fruits and vegetable, juices and condiments, reported 4Q earnings ended April of US$12.3 million ($16.8 million), four times higher than the US$2.9 million in the same quarter last year on one-off gains of US$14.3 million. However, DMPL generated fourth quarter sales of US$499.0 million, 8.5% lower than a year ago. Shares in DMPL closed 0.4 cent higher at 18 cents.
Vessel charterer Pacific Radiance announced a loss of US$12.8 million ($17.5 million) for the first quarter ended March, narrowing 13% from its loss of US$14.8 million a year ago on lower costs. Revenue for 1Q18 fell 16% to US$11.8 million from US$14 million previously. Shares in Pacific Radiance last traded at 10.4 cents.
Second Chance Properties reported a 61.6% fall in 2Q net profit to $2.1 million from $5.4 million a year ago on lower sales. Revenue for the three months ended May closed 3.2% higher at $9.7 million but cost of sales rose 10.8% to $4.9 million. This resulted in gross profit falling 3.6% to $4.8 million. Second Chance says its apparel business continues to be affected by increasing trend of online sales as well as poor consumer spending. Shares in Second Chance closed at 24 cents on Thursday.
Addvalue Technologies and Inmarsat have signed an agreement to implement the first constellation of Inter-Satellite Data Relay System (IDRS) equipped satellites for an unidentified “leading satellite operator”. This will allow continuous communications with the operation centre on the ground, thereby giving the satellite operator on-demand, 24/7, near real-time, two-way IP-based links to all of their assets –and in turn, respond to customer requirements and to operational anomalies in a timelier manner. Shares in Addvalue closed flat at 3.4 cents on Thursday.
TEE Land is acquiring the freehold interest in a plot of land located at 338 to 364 Upper East Coast Road, which is currently Teck Guan Ville, for a consideration of $60 million. The plot of land has a land area of about 3,928.8 sqm and the group plans to build a residential development on it. Shares in TEE Land closed at 19 cents on Thursday.
Clearbridge BioMedics has announced $6.6 million in pre-initial public offering (IPO) funding from oncology medical professionals, as well as investors focused in healthcare & biotechnology. Clearbridge BioMedics is a spin-off from the National University of Singapore (NUS) and SMART MIT. It is also the first incubatee of Clearbridge Accelerator now known as Clearbridge Health, which is listed on the SGX and has a strategic stake in Clearbridge BioMedics. The company expects to launch its IPO in 4Q18. Shares in Clearbridge Health closed 1.4% higher at 36 cents on Thursday.
US stocks rose on Thursday as technology and other growth sectors rebounded from the prior day's declines and financial shares snapped a 13-day losing streak. The Dow Jones Industrial Average rose 98.46 points, or 0.41%, to 24,216.05, the S&P 500 gained 16.68 points, or 0.62%, to 2,716.31, and the Nasdaq Composite added 58.60 points, or 0.79%, to 7,503.68.
The Straits Times Index (STI) ended at 3,257.57, up 2.8 points, or 0.09%. Some 1.5 billion securities, valued at $1.1 billion, changed hands. Losers outnumbered gainers 188 to 167.