SG Morning Highlights | Seatrium Lands Key Contract for Shell's Gulf of Mexico Project
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Tuesday; STI up 0.48%
●Singapore's 2023 GDP Grows 1.2%, Surpassing Forecasts
●Singapore Anticipates Slower Wage Growth but Positive Real Wages in 2024
●Stocks to watch: DBS, Seatrium, Keppel
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened higher on Tuesday. The $FTSE Singapore Straits Time Index(.STI.SG$ rose 0.48 per cent to 3,255.69 as at 9.03 am.
Advancers / Decliners is 108 to 47, with 51.94 million securities worth S$39.28 million changing hands.
Breaking News
Singapore's 2023 GDP Grows 1.2%, Surpassing Forecasts
Singapore's economy experienced a 1.2% growth in 2023, exceeding the "around 1%" forecast thanks to a robust fourth-quarter performance. The advance estimates from the Ministry of Trade and Industry revealed a notable 2.8% expansion in Q4, spearheaded by a manufacturing sector turnaround. Despite a yearly dip in manufacturing, strong gains in construction and services helped bolster the overall growth, with the economy also continuing its upward trend quarter-on-quarter.
Singapore Anticipates Slower Wage Growth but Positive Real Wages in 2024
As Singapore's labor market stabilizes to pre-pandemic levels amidst economic uncertainties in 2024, nominal wage growth is expected to slow. However, with inflation cooling down, there is a likelihood of witnessing real wage growth this year, a turnaround from the inflation-driven wage shrinkage seen in 2023.
Stocks to Watch
$Seatrium(S51.SG$: Seatrium has secured a significant contract for the construction and integration of the hull, topsides, and living quarters for Shell's semi-submersible floating production unit in the US Gulf of Mexico. The agreement, following a letter of intent from August 28, marks a notable achievement for the offshore and marine group. Seatrium's shares, however, remained steady, closing at S$0.118 last Friday.
$DBS Group Holdings(D05.SG$: DBS has received the necessary regulatory clearances to enhance its shareholding in Shenzhen Rural Commercial Bank (SRCB) from 13% to 16.69%. The bank plans to purchase 383.6 million SRCB shares at a price of 5.25 yuan (approximately S$0.98) each, as announced on Friday. Prior to the announcement, DBS shares ended the trading day 1.1% higher, up S$0.37, closing at S$33.41.
$Keppel(BN4.SG$: Keppel Corporation reported a 61.1% return to shareholders for 2023, surpassing the 49.3% achieved in 2022. Chief Loh Chin Hua attributed this growth to the conglomerate's shift towards becoming a more dynamic, asset-light global asset manager and operator, as highlighted in a New Year message to employees. The company's shares closed up 0.6%, or S$0.04, at S$7.07 on Friday.
Share Buy Back Transactions
Source: Business Times, SG investors
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