Hot stock: SingPost hits 7-week high; to review costs and operating model with IMDA

SHARES of Singapore Post (SingPost) reached a seven-week high on Thursday (Jul 6) after the Singapore government said it would consider allowing the national postal service provider to adjust its postage rates to “better reflect the cost of letter mail business”.

The counter rose as much as 7.7 per cent or S$0.035 to reach a high of S$0.49 in early morning trade. The last time the counter closed near this level was on May 15.

As at the midday break, SingPost’s shares were up 6.6 per cent or S$0.03 to S$0.485, with seven million shares changing hands amid heavy trading.