Last night, the US stock market paused for breath with the S&P 500 and Dow Jones Industrial Average both down by around 1%. However, the Straits Times Index (SGX: ^STI) charged to a five-year intra-day high of 3,405 points before closing 1% higher at 3,402 points.
Strong gains in a number of blue chips that included DBS Group Holdings (SGX: D05) and SIA Engineering (SGX: S59) helped offset losses in companies such as Hutchison Port Holdings Trust (SGX: NS8U). The latter reported last night that first-quarter profit fell 15% to HK$450m. The shares sank 1.2% to US$0.82.
SIA Engineering climbed 3.8% to $5.25. The aircraft maintenance, repair and overhaul company will report full-year results in two weeks’ time on 14 May 2013. In the third quarter, SIA Engineering earned $67m – a 5.5% increase from a year ago. In the earnings release, the company said its ‘core business is expected to remain stable’ for the rest of the year.
Local banking group DBS released its first-quarter results today. The bank set new records for both quarterly income and profit at S$2.3b and S$950m respectively. Shares in DBS rose to a 52-week high of $17.59 before ending the day at $17.54 for a 5% gain.
Elsewhere, instant-beverage manufacturer Super Group (SGX: S10) jumped almost 4% to $4.07. The company will release results on 13 May 2013 when investors will discover whether it can sustain its earnings growth. Last year Super Group increased full-year earnings by 28% to $79m. The company, which is Singapore’s second-largest food producer by market value, has been one of the fastest growing companies in the food & beverage space – revenues have grown 13% a year for the last seven years.
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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.