It’s a pretty decent day in the local market as the Straits Times Index (SGX: ^STI) made some baby-steps forward with a 0.4% gain to 3,121 points. Winners in the index outnumbered the losers 21-to-9. Despite the relatively pedestrian 0.5% movement in the STI, there were actually shares that made rather substantial moves during the day. Let’s take a look at some of them. Coming from within the index, we have Noble Group (SGX: N21) with its shares up 11.1% to S$0.96. There’s nothing new happening with the commodities trader that…
Despite the relatively pedestrian 0.5% movement in the STI, there were actually shares that made rather substantial moves during the day. Let’s take a look at some of them.
Coming from within the index, we have Noble Group (SGX: N21) with its shares up 11.1% to S$0.96. There’s nothing new happening with the commodities trader that might have warranted this spike in price, save for an apparent rumour that it might be vying for American bank JP Morgan’s commodities unit.
The company’s latest second quarter results saw a 2% year-on-year uptick in revenue to US$47.9b for the six months ended 30 June 2013. Its profits however, were only a paltry US$104m, a decline of almost two-thirds from a year ago.
Shipbuilder Yangzijiang Shipbuilding Holdings (SGX: BS6) climbed 5.3% to S$1.10. The company’s latest earnings results for its second quarter have not exactly been good. Revenue for the half year was down 4% to RMB7.29b compared to a year ago while profits slipped 19% to RMB1.53bm.
It’s not all doom and gloom though, as Yangzijiang reported a week ago on the status of the shipbuilding contracts it has on hand. As of 4 Sep 2013, it had 51 options for ships worth US$2.87b and another US$1.22b worth of shipbuilding contracts. These options and contracts represent revenue that will be recognised in the future by the company.
After looking at some big winners, let’s turn our attention to the losers.
Lasseters International (SGX: 5EL) fell 5.3% to S$0.16 today. The hospitality company, which runs spas and casinos amongst others, conducts the bulk of its business in Australia. The country saw its currency fall today after the unemployment rate there for August reached a four-year high.
The company’s latest full-year results were also disappointing as losses continued to mount. For its financial year ended 30 June 2013, it logged A$11.4m in losses, worsening from the previous year’s loss of A$7.1m.
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