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Stocks to watch: Del Monte, WE Holdings, Nam Cheong
SINGAPORE stocks will open on Wednesday in the wake of a choppy Wall Street, which fell overnight over renewed concerns about earlier-than-expected interest rate hikes.
Del Monte Pacific posted a narrower third-quarter net loss of US$2.2 million, although that reflected significant acquisition-related expenses. The canned fruits producer had an operational profit of US$23.4 million during the same period.
Del Monte shares closed at 32 Singapore cents on Tuesday.
WE Holdings announced plans for a S$25 million acquisition of a marine sand supplier. The electronics distributor, which is now trying to diversify into commodities, is also planning a S$25 million issue of three-year convertible bonds.
WE Holdings stock last traded at 0.7 Singapore cent on Tuesday.
Shipbuilder Nam Cheong said it has clinched US$58 million of orders for two vessels. The contracts, which will contribute to earnings in 2015 and 2016, take Nam Cheong's order book to about RM1.7 billion (S$635 million).
Nam Cheong shares closed at 30 Singapore cents on Tuesday.