The Straits Times Index (SGX: ^STI) inched up by 0.26% today to close at 3248 points. Elsewhere in Asia, China’s CSI 300 rose by 3.03% to close at 2622 after falling by 4.6% on Monday as fears of China’s over-heating property market and subsequent cooling measures appear to have dampened.
Olam International (SGX: O32) was the leader among the STI components with a 3.42% gain to $1.67. The agriculture supply-chain business, still locked in a tussle with short-seller Muddy Waters, saw a flurry of buying activity last week for its shares and debt instruments among substantial shareholders and directors. Olam’s results announcement in early February saw half-yearly profits increase by 21.3% to S$197.3m as CEO Sunny Verghese thanked various parties for their support of the company.
Real estate developer and hotel owner City Developments Ltd (SGX: C09) was the second in line for the day among the STI components with a 2.33% climb to $11.41. Last week, the company set a record for highest full year revenue of S$3.35b, a modest 2.2% gain from S$3.28b. Profit for the year, however, fell by 15.1% to S$678m. This was due to one-off gains of $153m in 2011 which inflated that year’s profit figure. Comparing against the 2011’s profits excluding one-off gains, 2012’s profit would have increased by 5.8%.
Popular Holdings (SGX: P29) saw a strong surge of 7.55% in its share price to $0.28. The book retailer, publisher, and property developer announced on Monday that it had completed an acquisition of an industrial site at Serangoon North Avenue 5. Popular had been awarded the tender for the industrial site at a price of $27m with the intention of building offices and warehouse units on it.
Motley Fool’s purpose is to help the world invest, better. Click here now for your FREE subscription to Take Stock Singapore, The Motley Fool’s free investing newsletter. Written by David Kuo, Take Stock Singapore tells you exactly what’s happening in today’s markets, and shows how you can GROW your wealth in the years ahead.
The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore Contributor Chong Ser Jing doesn’t own shares in any companies mentioned.