Hot stocks: Glove makers rally after Top Glove reports turnaround in Q3

SHARES of glove makers rose during afternoon trading on Wednesday (Jun 19) after Top Glove reported a profit turnaround for the third quarter.

Riverstone ’s counter jumped as much as 4.6 per cent to S$1.01 as at 2.18 pm, while UG Healthcare rose as much as 5.9 per cent to S$0.143 as at 2.25pm. Sri Tang Gloves , however, was flat with no trades recorded for the day.

Top Glove, meanwhile, gained as much as 10.4 per cent to S$0.37 after its third-quarter results were released.

The counters of both Top Glove and Riverstone neared two-year high, reaching levels last seen during the peak of the Covid-19 pandemic.

By 3.18 pm, Top Glove was trading 1.5 per cent higher or S$0.005 higher at S$0.34, Riverstone was up 3.6 per cent or S$0.035 to S$1, while UG Healthcare was up 2.2 per cent or S$0.003 to S$0.138.

Top Glove had earlier reported a net profit of RM50.7 million (S$14.5 million) for the three months ended May 31, versus a loss of RM130.6 million in the previous corresponding period.

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The group attributed the turnaround to stronger glove demand from customers who replenished their inventories after using up their excess stock. The swing to profit comes also comes after Riverstone and Sri Tang Gloves reported bottom-line improvements in May.