Hot stock: CDL rises 3.7% on share buyback exercise

SHARES of City Developments : C09 0% (CDL) rose steadily on Monday (Mar 11) after the property developer announced it had initiated share buybacks for its ordinary shares on the open market.

As at 1.40 pm after the midday trading break, the counter gained as much as S$0.21 or 3.7 per cent to S$5.96 after 2.3 million of its securities changed hands.

It later eased to S$5.92 as at 2.14 pm, up S$0.17 or 3 per cent. CDL was the fifth most actively traded in terms of value with 2.6 million shares worth S$15.1 million transacted at the time.