In the absence of clear direction overnight from New York, Singapore shares spent most of Tuesday treading water. The Straits Times Index (SGX: ^STI) only managed to eke out a miniscule 0.2% gain of 7.6 points to 3,292 points at the close. That said some shares were far from motionless today.
Singapore Telecoms (SGX: Z74) jumped 1.4% to $3.56 following reports that the company could cut more jobs in IT, marketing and networks department at its Australian unit SingTel Optus. Last week, the company said revenues at Optus fell 6% to A$2.3b amidst a backdrop of an industry slowdown and a mandatory cut in mobile termination rates.
Shares of aero engineer Singapore Technologies Engineering (SGX: S63) were still on the ascent after last Friday’s full-year results. They climbed 3% to $4.18. Last week ST Engineering, which is one of Singapore’s largest engineering outfits, said annual profits rose 10% to $723m on sales that grew 6% to $6.4b. The company also raised its total payout for the year by 8% to 16.8 cents per share.
Staying with things that fly, Tiger Airways (SGX: J7X) said passenger numbers jumped 42% in January. The budget airline, which models its business on Europe’s Ryanair Holdings (LSE: RYA), said passenger load factor improved by 10 percentage points to 84% from a year ago. Tiger Airways shares cruised 3% higher to $0.75.
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