Stocks to watch: SGX, Metro, NeraTel

THE following companies saw new developments that may affect trading of their securities on Thursday (Oct 10):

Singapore Exchange (SGX): Total securities market turnover value on the bourse increased 75 per cent year on year to S$30.38 billion in September, marking a 5.6 per cent increase from August’s S$28.76 billion. The growth in securities trading activity comes amid easing monetary policies and China’s stimulus package, which fuelled optimism and portfolio repositioning. Shares of SGX closed 1.8 per cent or S$0.21 higher at S$11.61 on Wednesday.

Metro : The department-store operator has acquired a freehold prime office property in Sydney, Australia, for A$196.4 million (S$172.3 million), with its joint venture partner, Sim Lian Group of Companies. Metro and Sim Lian now hold 18 freehold properties in Australia, including five office buildings and 13 retail centres. Shares of Metro closed flat at S$0.475 on Wednesday, before the announcement.

Nera Telecommunications (NeraTel): The Securities Investors Association (Singapore) is advising shareholders to reject the offer from Taiwan-listed Ennoconn Corp to acquire the communications and network solutions provider at S$0.075 a share. This sentiment is also shared by the appointed independent financial adviser SAC Capital – which believed that the price was “not fair and not reasonable” – and NeraTel’s independent directors. The counter closed flat at S$0.075 on Wednesday, before the news.