The Straits Times Index (SGX: ^STI) rose by 0.3% today to close at 3,454. According to Bloomberg, the index had hit a new 52-week high of 3,465 during the day but it gave up some gains along the way. More than half the STI-components ended the day in green, so let?s take a look at some of the particularly stocks for the day.
Olam (SGX: O32) rose the highest amongst 29 other stocks in the STI ? its shares were up 5% to $1.90. This is the highest the agriculture-related business has been since it landed in the gun-sights of…
The Straits Times Index (SGX: ^STI) rose by 0.3% today to close at 3,454. According to Bloomberg, the index had hit a new 52-week high of 3,465 during the day but it gave up some gains along the way. More than half the STI-components ended the day in green, so let’s take a look at some of the particularly stocks for the day.
Olam (SGX: O32) rose the highest amongst 29 other stocks in the STI – its shares were up 5% to $1.90. This is the highest the agriculture-related business has been since it landed in the gun-sights of short seller Muddy Waters in November last year. Last week, Olam posted a 10% increase in third profit from S$98.7m a year ago to S$108.5m.
Besides the release of its quarterly results last week, the company also announced the capture of two Sustainable Business Awards consecutively, the first being the Guardian Sustainable Business Awards, which rewarded the company for its efforts in improving the wellbeing of smallholder communities. The second award was conferred by the Rainforest Alliance for the company’s environmentally-friendly practices.
Jardine Cycle & Carriage (SGX: C07) is next in line with a 4.3% increase to $48.05. The company, with interests in the automobile industry, oil-palm plantations and coal mining, to name but a few, experienced a difficult first quarter for 2013 as it posted a 13% year-on-year decline in quarterly profit to US$231m. The company also expects tougher times ahead as Ben Keswick, Chairman of the company, commented that “Astra’s (a 50%-owned subsidiary of Jardine C&C) operations are facing a number of challenges in the coming months” and that “trading conditions are expected to remain difficult for the Group’s other motor interests.”
Courts Asia (SGX: RE2) is a representative from outside the index and it’s no slouch either as its shares jumped by 4.6% to $1.15. The furniture and electrical appliances retailer has been busy issuing debt to raise cash of late, as it issued S$125m worth of notes at an interest of 4.75% per year on 2 May 2013. Response to the debt instrument, due for repayment on 2016, was overwhelming as it received orders that were worth S$2.1b. Besides beefing up its cash hoard, the retailer has also been busy expanding its retail footprint in Malaysia by opening the first Courts ‘Big-Box’ Megastore there. The store-opening is part of the company’s plan to increase its retail area in Malaysia by up to 360,000 sq feet in the next three years.
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