It?s official. The US government is shutting down as a divided Congress failed to reach an agreement over funding of federal agencies. While the political-drama over in the USA has attracted quite a fair bit of media attention, the stock market here in Singapore simply shrugged its shoulders and moved on.
The Straits Times Index (SGX: ^STI) moved 0.4% higher to close at 3,182 points. Within the index?s 30 components, there were 20 winners as compared to 9 losers, with Oversea-Chinese Banking Corporation (SGX: O39) being the only index-constituent…
It’s official. The US government is shutting down as a divided Congress failed to reach an agreement over funding of federal agencies. While the political-drama over in the USA has attracted quite a fair bit of media attention, the stock market here in Singapore simply shrugged its shoulders and moved on.
The Straits Times Index (SGX: ^STI) moved 0.4% higher to close at 3,182 points. Within the index’s 30 components, there were 20 winners as compared to 9 losers, with Oversea-Chinese Banking Corporation (SGX: O39) being the only index-constituent ending the day with an unchanged share price of S$10.30.
There’s quite a large number of winning shares to choose from today, but let’s focus our attention on three market-beaters in particular.
CapitaLand (SGX: C31) climbed 1.3% to S$3.13. Last Saturday, the real estate company announced that one of its residential projects, Sky Vue, sold over 80% of its units that were available for sale on its first launch day.
Sky Vue’s Bishan’s largest residential offering with a total of 694 units (505 units were released for sale on the launch day with 410 being sold).
Investors in the company should at least pay some attention to how well CapitaLand’s residential property-offerings in Singapore are faring, given that this particular business segment accounted for a quarter of the company’s revenues for 2012.
Neo Group’s (SGX: 5UJ) a big winner today with a 7.2% gain to S$0.52. There are no new material developments announced by the company but its half-year earnings results, released last month, was noteworthy.
The food-caterer posted a 23% year-on-year increase in half-year revenue to S$23.1m while profits were up 294% to S$2.77m. Neo Group’s top-line growth was mainly attributed to its Food Catering business, which saw an increase in social catering events.
The company’s bottom-line grew disproportionately to its top-line, with one of the main reasons being one-off IPO-related expenses in the previous year. The company got listed on the Catalist exchange on July 2012 and the process brought with it a slew of related expenses.
In any case, Neo Group sees a positive outlook for the industries’ it’s in: food retailing (in the form of Japanese sushi restaurants) and food catering.
Logistics facilities provider Global Logistic Properties (SGX: MC0) moved up 2.1% to S$2.95. The company announced earlier today that it has completed the sale of seven properties to GLP J-REIT.
Earlier on 3 September 2013, GLP announced that it would be selling two properties to GLP J-REIT for US$287m. In addition, GLP made a separate announcement on the same day itself that GLP J-REIT would be purchasing seven properties for a total of US$277m from GLP Japan Income Partners, of which GLP has a 33.3% ownership stake.
GLP’s announcement today is in relation to the September-announcements.
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