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Three Shares That Lost to the Market Today

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Singapore’s stock market, represented by the Straits Times Index (SGX: ^STI), dipped ever so slightly to close at 3,188 today, a single point lower than yesterday’s close at 3,189.

Only nine blue chips out of the index’s 30 constituents had managed to make some headway by the end of the trading session. Meanwhile, 18 had lost ground. Let’s take a look at some of the shares that couldn’t keep up with the market today.

Centurion Corporation (SGX: OU8) slipped 3.5% to S$0.55. The dormitory operator and optical storage medium manufacturer had announced last Thursday that it would be acquiring the RMIT Village and the carpark facility next to the building in Melbourne, Australia.

The RMIT Village, which currently consists of 229 apartments and 456 beds, is catered for student accommodations and is affiliated with RMIT University. The Australian university typically reserves around 70% of the properties’ capacity for its students. The occupancy rate at RMIT Village has been close to 100% in the past three years.

The acquisition, costing around A$60m, will be Centurion’s first student accommodation project. The properties, according to the company’s press release, carry the potential for asset enhancement initiatives that can increase its capacity in the future.

Centurion’s chief executive, Kong Chee Min shared his excitement about the acquisition and said it “gives [the company] the opportunity to tap into the Australia education market, which is a key international education gateway.”

Integrated satellite equipment provider Global Invacom (SGX: QS9) fell 1% to S$0.196. The company has recently been busy buying up some of its industry peers.

Last Wednesday, it announced an acquisition of Raven Manufacturing Limited (RML) for around US$3.2m. RML’s a UK-based manufacturer of antennas and related products for the satellite industry and could help Global Invacom “access greater volume savings” when the latter manufactures its products.

Tritech Group (SGX: 5NL) rounds up the trio. The company, which provides geotechnical, electronic, and electrical engineering services among others, dipped by 1.4% to S$0.345.

It was revealed yesterday evening that the company had won a S$7.8m contract awarded by the Land Transport Authority for the 30km Thomson Line, the sixth mass rapid transit (MRT) line here in Singapore that comprises 22 stations between Woodlands North and Gardens by the Bay.

The project, which includes, among other services, the supply and installation of geotechnical instruments and the monitoring of ground movements while construction and excavation work is being performed, is expected to be completed in three phases, with the last deadline falling on 30 May 2020.

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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.