Stocks to watch: SGX, Genting Singapore, DBS, SingPost, UOL, Bumitama Agri
OVERNIGHT news was mostly dominated by results announcements, although the Singapore Exchange (SGX) added some merger and acquisition action.
SGX will make a formal offer of £77.6 million (S$137 million), or £160.41 per share, in cash for a full takeover of the Baltic Exchange. If SGX's offer becomes effective, Baltic Exchange's existing shareholders are also expected to receive a final cash dividend of at least £18.80 per share, or about £9.1 million in total, on top of the cash offer, SGX said in a statement on Thursday after the market closed. SGX operates Singapore's stock market.
On the earnings front, casino operator Genting Singapore narrowed its second-quarter loss to S$10.5 million from a year-ago S$16.9 million as it cut expenses and finance costs.
Positive results-related news was otherwise hard to find.
Lender DBS Group Holdings is under the spotlight as the main banker for oil and gas contractor Swiber Holdings, which has filed to wind up. The bank is expected to incur a S$150 million charge as a result of its S$700 million exposure to Swiber. DBS will announce its results on Aug 8.
Singapore Post's operating loss in its key e-commerce segment widened to S$3.5 million in its first fiscal quarter compared to a year-ago loss of S$1.9 million. Net profit dropped 23 per cent to S$35.9 million.
Real estate developer UOL Group's second-quarter earnings slid 55 per cent to S$68.8 million on fair value losses of investment properties.
Palm oil producer Bumitama Agri's second-quarter profit fell 39 per cent to 107.6 billion rupiah, or 61 rupiah per share, on lower sales of crude palm oil.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
US dollar inches up; Aussie, yen slide
Singapore stocks end lower even as regional markets rally; STI slips 0.1%
Swiss-Asia Financial Services fined S$2.5 million for breaches of anti-money laundering rules
Asia: Stocks track another rally on Wall Street as US rate optimism lingers
Singapore shares rise at Tuesday’s open tracking global rally; STI up 0.2%
ETF popularity poised to stay as investors flock to diversification, stability