SG Morning Highlights | CSE Global Secures S$24M for Strategic Expansion
Good morning mooers! Here are things you need to know about today's Singapore markets:
●Singapore shares opened higher on Tuesday; STI up 0.26%
●Inflation rises to 3.4% YoY in February
●COTD: SGD 2nd strongest recovering currency in the world
●Stocks to watch: CSE Global, Multi-Chem
●Latest share buy back transactions
-moomoo News SG
Market Snapshot
Singapore shares opened higher on Tuesday. The $FTSE Singapore Straits Time Index(.STI.SG$ rose 0.26 percent to 3,206.40 as at 9.03 am.
Advancers / Decliners is 77 to 55, with 58.94 million securities worth S$52.00 million changing hands.
Breaking News
Inflation rises to 3.4% YoY in February
Inflation in Singapore rose to 3.4% YoY in February, following a 2.9% slowdown in January, according to data from the Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS). This was driven by inflation in accommodation, services, and food, with core inflation growing to 3.6% YoY, up from 3.1% in January, reflecting seasonal effects related to the Chinese New Year. The MTI and MAS projected that headline and core inflation will average between 2.5% and 3.5% for the entire year, with the range excluding the transitory effects of the goods and services tax hike at between 1.5% and 2.5%.
COTD: SGD 2nd strongest recovering currency in the world
According to analysts from City Index, the Singapore dollar (SGD) has experienced a significant surge in strength, making it the second fastest-recovering currency among major economies, with nearly a 5% increase following the pandemic. Singapore's remarkable 48% increase in GDP since the onset of COVID-19 in 2020, robust economic growth, and resilience have contributed to the strength of the SGD. Singapore's sound economic health and prudent monetary policies, including low inflation and high-interest rates, have enhanced the attractiveness of the SGD to investors, leading to increased demand and strengthening of its value against the US dollar. Meanwhile, the United Kingdom (UK) has experienced a 17% increase in GDP since 2020, but faces challenges such as government spending and high energy prices, resulting in a stronger cost-of-living crisis compared to other countries.
Stocks to Watch
$CSE Global(544.SG$: CSE Global has raised $24 million from a share placement of 60 million new ordinary shares, attracting strong demand from institutional and accredited investors. The issue price per share was 40 cents, representing a discount of approximately 6.6% to the volume weighted average price of 42.81 cents per share on March 13. Including the placement shares, CSE Global's share base has been enlarged by 9.71% to approximately 678.11 million shares. The proceeds raised will strengthen the company's balance sheet and enable it to pursue further inorganic growth through strategic acquisitions or investments primarily in its core markets, including the US, Australia, and New Zealand.
$Multi-Chem(AWZ.SG$: Auditors of Multi-Chem have raised concerns over the handling of a payment of SGD1.6m ($1.2m) for CapitaLand vouchers used for marketing and promotional purposes. The auditors have requested additional supporting evidence for the payment, which may trigger a broader review of other matters and could impact the group's financial statements for the year ended 31 December 2023. Multi-Chem paid the SGD1.6m into the personal bank accounts of two employees, who then on-paid the money to an employee of the vendor, without specifying whether the sum was transferred into a personal or corporate account. The company's statutory auditors and Audit and Risk Committee are seeking additional supporting evidence from the management and the vendor that the amount was used in the manner described, and future payments for marketing and promotional purposes for the vendor will require prior consent from the Audit and Risk Committee.
$OKP(5CF.SG$: OKP Holdings' wholly-owned subsidiary Eng Lam Contractors has secured a contract worth SGD17.7 million ($13.2 million) from PUB, Singapore's national water agency. The 30-month contract is for the improvement of old roadside drains at the Sunrise and Cactus Estates in Cheng San and commenced on 22 March 2024, with an expected completion date of 21 September 2026. OKP's net construction order book is at a record high of SGD660.4 million, with contracts extending until 2027. The company sees securing this public sector contract as its fourth successive contract win in just three months in 2024.
Share Buy Back Transactions
Source: Business Times, SGinvestors.io
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