Profit warning sends Wilmar stock reeling

Singapore

SHARES of Wilmar International tumbled as much as 11.6 per cent on Wednesday as some analysts downgraded the stock a day after the palm oil company warned that it expects to sink into the red for the second quarter ended June 30, 2016.

The stock fell as much as S$0.39 to S$2.96 before recouping part of the loss to end the day at S$3.16, still down S$0.19 or 5.67 per cent. Some 62.2 million shares changed hands, making it the third most actively traded stock.