Hot stock: Yangzijiang up 5.1% after new orders announcement

INDEX stock Yangzijiang Shipbuilding was up after the group announced on Wednesday that it had recently secured agreements to build and deliver 14 vessels with a total contract value of US$715 million.

As at 9.02am, the counter was up 5.1 per cent or S$0.07 to S$1.45 after some 11.8 million shares changed hands.

Shares in Yangzijiang later eased to S$1.41, up 2.2 per cent or S$0.03 at 11.59am. It had the highest value of securities traded at 32.7 million shares worth S$22.9 million.

A married deal of 50 shares at S$1.40 was made at 8.30am this morning, according to ShareInvestor data.

With the new orders, Yangzijiang has secured orders for 89 vessels worth US$4.72 billion since the start of this year, excluding the quantity and value of option orders.

This marks Yangzijiang's largest number of order wins by total contract value since 2008, and the group expressed optimism at securing more orders amid "favourable market sentiments".