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Stocks to watch: Magnus Energy, SGX, oil and gas companies
MAGNUS Energy: Shares of the oil and gas equipment distributor doubled in price in active trading on Tuesday as some of its apparently toxic convertible notes were converted to shares below market price.
The stock topped the list of most active counters on Singapore Exchange (SGX) with some 525 million shares changing hands. The unusual trading activity prompted an SGX query - the second it has issued in the past three months.
In its response after trading ended, the company said the subscriber to its Tranche 3 notes on Tuesday gave the company a notice to exercise its rights to convert four notes amounting to S$200,000.
Singapore Exchange: The local bourse operator and the Tokyo Commodity Exchange have signed a memorandum of understanding to develop the liquefied natural gas (LNG) market in Asia.
Some areas they could work on include studying product initiatives such as the co-listing of LNG derivatives and studying synergies between the market distribution networks of the two exchanges.
Singapore is a major trading hub for the fuel in Asia, with more than half of global supplies passing through its proximity, while Japan is the largest consumer of LNG in the region.
Oil and gas stocks: Recent rebound in oil prices has boosted the regional markets, including Singapore.
A further uptick in oil prices - with Brent crude futures rising above US$49 a barrel on Tuesday - provided another reason to cheer.
Oil and gas counters were among the most active stocks on Singapore Exchange on Tuesday, rallied by an overnight spike in energy shares on Wall Street.