The Straits Times Index slipped 0.5% to 3,261 points as Asian markets waited for the latest twist in the Europe debt debacle. The European Central Bank (ECB) is expected to keep interest unchanged at 0.75%. However, the market is likely to be more interested in what the ECB might do about the political instability that is unfolding in both Spain and Italy.
So, which individual companies in the Singapore market have been making headway today?
Shares in casino operator Genting Singapore (SGX:G13) have been on the rise again ahead of full-year results on 21 February. They put on 1% to S$1.55 today. Interest in Genting is likely to have been fuelled after rival casino operator Las Vegas Sands (NYSE: LVS) announced fourth-quarter earnings last month. Las Vegas Sands, which operates Marina Bay Sands in Singapore, posted profits of US$435m (S$538m) for the last three months of 2012 compared to US$320m last year.
SingTel (SGX: Z74), which will report third-quarter results on Valentine’s Day, was feeling the love today. Its shares put on 0.9% to S$3.54. The country’s biggest telecom operator recently said it will sell its stake in Pakistan’s loss-making Warid Telecom. It has taken SingTel over six months to find a buyer but Warid’s majority shareholder plans to buy the remaining 30% that it does not already own.
And finally, Olam International (SGX: O32) ticked up 0.7% to S$1.63 ahead of results after the market close. The commodities trader, which has been in the gun sights of short seller Muddy Waters, said first-half profits rose by a fifth to S$197m. Olam, which engages in sourcing, processing, packaging, merchandising and exporting agricultural products, also said revenues jumped 24% and sales volumes were up 72%. CEO Sunny Verghese thanked shareholders, bondholders, lenders, customers and employees for their strong support.
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