Banks spearhead rise once again

THE Straits Times Index (STI) ended on a firmer note on Wednesday for its second straight gain this week - buoyed, as usual, by Singapore banks and other defensive counters finding favour among investors in their hunger for yield.

To be sure, there were surprising outliers, with SingPost shares still trading at February levels amid concerns that the postal service cannot keep up with its dividend payout.

The STI closed up 19.14 points, or 0.67 per cent, at 2,869.57. Some 987.5 million units wor…