The Straits Times Index (SGX: ^STI) has lost a meagre 0.53 points to close at 3,114, essentially unchanged from where it was last Friday.
It was somewhat of a mixed day for the 30 blue chips that make up the index as 13 of them ended the day with gains while 16 others had suffered losses.
Let’s take a look at some of the shares that managed to beat the market today.
Vallianz Holdings (SGX: 545) is up 2.4% to S$0.126 after announcing last Saturday (7 Nov 2013) that it’s seeking to establish an Islamic Trust Certificates Programme (ITCP) to “broaden and deepen its investors’ pool” by tapping into the Islamic finance market that was estimated by Standard & Poor’s to be around US$1.4 trillion back in 2011.
The company, which owns and charters vessels, has already “submitted to the relevant regulators for their consideration the proposed sukuk [Islamic ‘bonds’] for the [ICTP]” as of 7 Dec 2013.
More details would be released by the company as and when appropriate.
Swissco Holdings (SGX: 5FD) is up next with a 3.1% gain to S$0.33. The marine services provider for the offshore oil & gas and shipping industries had carried on its price-momentum since last Thursday, when its shares increased by 6.6% to S$0.325.
Last week’s gains happened after Swissco had announced it would be enhancing its fleet of vessels with new additions – worth a total of S$42m – as part of its plans to maintain a low age profile for its fleet.
Finally, we have the aplty-named shipbuilder Yangzijiang Shipbuilding Holdings (SGX: BS6). Its shares ended the day with a 3.1% increase to S$1.16.
Last Friday evening, the company revealed that it had set-up a wholly-owned subsidiary called Newyangzi International Trading Co., Ltd with an authorised capital of US$99.8m. The subsidiary’s main business functions deal with international trade activities and it was set-up to “optimise [Yangzijiang’s] business operating model and lower the funding costs through broadening its existing trading platform, tapping on Singapore’s developed capital markets and logistics infrastructure.”
There’s also the expectation that Newyangzi would develop steadily into a new source of revenue for the company by offering its services to third parties.
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