The Straits Times Index (SGX: ^STI) in Singapore has managed to reverse some of yesterday’s losses with a 0.6% gain to 3,143 points today. 16 shares out of the index’s 30 components ended the trading session in the black while 8 others made losses. That said, even the losers had a relatively calm day as aircraft engineering outfit SIA Engineering (SGX: S59), with its 0.6% decline to S$4.96, was the worst loser among the blue chips. As it is, most of the STI’s constituents had rather mundane movements. So, what were some of the shares that made…
16 shares out of the index’s 30 components ended the trading session in the black while 8 others made losses. That said, even the losers had a relatively calm day as aircraft engineering outfit SIA Engineering (SGX: S59), with its 0.6% decline to S$4.96, was the worst loser among the blue chips.
As it is, most of the STI’s constituents had rather mundane movements. So, what were some of the shares that made big moves? Let’s find out.
Sunningdale Tech (SGX: T35) jumped 13.5% to S$0.177. Its shares had spiked to an intra-day peak of S$0.193 around 10:45am in the morning before the stock exchange operator, Singapore Exchange, issued a query at 10:51am asking for possible explanations for the trading activity.
The company responded by saying that it’s “not aware of any information which may explain the trading.” But in the same response, Sunningdale also revealed that it has already taken “preparatory steps towards starting up manufacturing operations in Brazil.”
It did mention also, that the project is in a “very preliminary stage” and that the invested capital so far is smaller than US$1m. Thus, Sunningdale “does not envisage” that the Brazil project could be a cause for the large increase in share price.
Shipbuilder JES International Holdings (SGX: EG0) gained 11.1% to S$0.20. The company had announced yesterday that it has received a report containing estimates of mining resources in the Tuoli District, Tacheng City, China.
The report, prepared by SRK Consulting China Ltd in accordance to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC code), indicated favourable estimates of around 4.2 billion tonnes of mineral resources in the area.
Mineriver Pte Ltd holds the mineral exploration rights for the area in question, and is an acquisition target for JES. With the favourable JORC report, JES would now buy up to a 30% stake in Mineriver eventually for S$127m over three tranches. The acquisition, which would involve cash and/or the issue of new shares by JES, is subjected to the approval of JES’ shareholders.
Mineriver would now be applying for mining rights for the area, which contains magnesium oxide, silicon dioxide, iron (III) oxide, and nickel mineral resources.
Japan Foods Holding (SGX: 5OI) is down 7.3% to S$0.575. Shares of the restaurant operator, with a focus on Japanese cuisine, had slipped on no material news.
The company’s latest financials, for the six months ended 30 Sep 2013, saw half-yearly sales inch up 1.8% year-on-year to S$31m while profits jumped 27.6% to S$3.75m. Japan Foods had delivered better efficiency in generating profits as the company had a better handle in managing raw materials through its in-house noodle-production facility, thereby driving down costs.
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