SingPost stock up on postage hike news
Shares up as much as 3.2% in early trade, then lose steam for 1.2% gain
SHARES of Singapore Post (SingPost) ticked up by as much as 3.2 per cent to S$1.78 on Wednesday on news of an upward revision in postage rates - the first since 2006 - to mitigate escalating costs. But the initial surge failed to hold, with the stock ending the day at S$1.745, up two cents or 1.2 per cent.
The postal group's shares opened about 3 per cent higher at S$1.745, up from Tuesday's closing price of S$1.725.
The stock hit a high of S$1.78 at about 10.15am, then gradually returned to S$1.745 by market close.
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