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SG Morning Highlights: Singapore non-oil exports grow 8.8% y-o-y

Moomoo News ·  {{timeTz}}  · Headlines

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Good morning moomooers! Here are things you need to know about today's Singapore:

  • Singapore shares opened lower on Thursday; STI down 0.4%

  • Singapore non-oil exports grow 8.8% y-o-y in May, extending April's gains: ESG

  • Stocks to watch: Ascendas Reit, Suntec Reit, OTS, Soilbuild Construction, Hong Lai Huat, Rex

-Moomoo News SG

Market Trend

Singapore shares opened lower on Thursday. The Straits Times Index (STI) lost 0.40 per cent or 12.80 points to 3,127.01 as at 9.29 am. Advancers / Decliners is 97 to 150, with 292.48 million securities worth S$248.75 million changing hands.

Breaking News

Singapore non-oil exports grow 8.8% y-o-y in May, extending April's gains: ESG

Singapore's key exports in May grew 8.8 per cent year on year, extending the previous month's gains, but saw a slight sequential fall, according to Enterprise Singapore (ESG) on Thursday.

May's non-oil domestic exports (NODX) rose 8.8 per cent year on year, continuing April's 6 per cent rally, as both electronic and non-electronic exports grew.

Stocks to watch

$Ascendas Reit(A17U.SG)$: Its trustee on Wednesday priced 300 million euros (S$480.8 million) in notesdue 2028, which will fall under the Reit's S$7 billion euro medium term securities programme. The notes have a fixed interest rate of 0.75 per cent per annum and a reoffer yield of 0.773 per cent per annum, the manager said. Ascendas Reit units closed at S$2.93 on Wednesday, down S$0.07 or 2.3 per cent.

$Suntec Reit(T82U.SG)$: The real estate investment trust (Reit) has sold its 30 per cent interest in 9 Penang Road, formerly known as Park Mall, to Haiyi Holdings, its manager said in a filing on Wednesday. The buyer will pay about S$89.9 million for the 15 million ordinary shares and 678 redeemable preference shares that Suntec Reit held in the joint venture company, which indirectly owns the property. Net proceeds are expected to be around S$88.2 million and will pare down bank borrowings or may be redeployed to acquire accretive, higher-yield assets, its manager said. Units of Suntec Reit fell 2 per cent or S$0.03 to close at S$1.48 on Wednesday, before the announcement.

$OTS Holdings(OTS.SG)$: The one million shares available in the public portion of the food manufacturing group's initial public offering was 233.6 times subscribed, with 3,809 valid applications and application monies amounting to around S$53.7 million, OTS said on Wednesday evening. At the close of the public offer at noon on Tuesday, it also received indications of interest for about 110.1 million placement shares. Based on the valid applications for its public offer and indications of interest for the placement shares, the invitation was about 8.4 times subscribed overall. OTS commences trading on the Catalist board today.

$Soilbuild Const(S7P.SG)$: Its wholly-owned subsidiary, Precast Concrete Builders (PCB), on Tuesday received a writ of summons and a statement of claimfiled by lawyers of luxury condominium developer TG Development in the High Court of Singapore. PCB allegedly breached its obligations in a warranty, in relation to a proprietary wall system for the project, and is required under the writ to satisfy TG Development's claim of more than S$1.4 million in damages due to defects, among other things, said Soilbuild Construction in a Wednesday night filing. Otherwise, PCB has to enter an appearance within eight days. Shares of Soilbuild Construction were flat at 6.6 Singapore cents at Wednesday's close.

$Hong Lai Huat(CTO.SG)$: The property developer will design, build and operate a mixed-use agricultural hub in Cambodiaon its existing agricultural land in Aoral District, Kampong Speu Province, which has a total land size of about 10,000 hectares, estimated to be about one-seventh the size of Singapore. Hong Lai Huat expects the development to add new revenue sources for the group. Its shares rose 2.1 per cent or 0.2 Singapore cent to close at 9.7 cents on Wednesday, before the latest announcement.

$Rex Intl(5WH.SG)$: Its 90 per cent-owned subsidiary, Lime Petroleum, will acquire Repsol Norge's 33.8 per cent interestin the oil, gas and natural gas liquids-producing Brage field in Norway. It will also buy the five licences on the Norwegian continental shelf over which the field straddles. Lime Petroleum will pay a post-tax price of US$42.6 million in total, said Rex in a filing on Wednesday night. This fulfils Lime Petroleum's ambition to transition from pure-play exploration, to a full-cycle exploration and production company. After the announcement, Rex lifted its trading halt, which started on Tuesday morning. Shares of Rex last traded at S$0.19 on Monday.

$SingReinsurance(S49.SG)$: The mainboard-listed reinsurance company will be delisted, after Fairfax Asia, which launched a cash offer for Singapore Reinsurance in March, exercises its right to compulsorily acquire all the shares of dissenting shareholders. As at 6pm on Wednesday, Fairfax received valid acceptances amounting to about 90.02 per cent of the total number of issued shares other than those already held by the offeror, its related corporations or their respective nominees. It is thus entitled to, and intends to, exercise its right of compulsory acquisition. The stock was flat at 34.5 Singapore cents at Wednesday's close, before the latest announcement.

Source: The Business Times

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