The Straits Times Index (SGX: ^STI) has inched up by 0.1% to 3,293 points. 14 shares within the index’s 30 constituents had managed to make some headway while 11 others weren’t as fortunate as they had clocked losses.
Moving away from the benchmark index, let’s take a look at some market beaters.
Property developer and owner Hwa Hong (SGX: H19) is up 6.5% to S$0.33 after revealing yesterday that its 82%-owned subsidiary , Capital Hatton, would be selling a number of office properties based in London for a total of £11 million (approximately S$23.1 million).
For Hwa Hong, the sale is a normal way for it to unlock the value of its investment properties. The proceeds from the sale would be used for a number of purposes which include reinvesting into the company’s existing businesses; paying down debt; and general working capital.
The sale, which is expected to be done in the third quarter this year, would also result in a pre-tax profit of S$7.9 million for the company that would be reflected in Hwa Hong’s third quarter earnings release.
Halcyon Agri (SGX: 5VJ) has gained a further 6.6% to S$0.885 following yesterday’s 4.4% climb from S$0.795 to S$0.83. The rubber producer saw some 7 million shares exchange hands yesterday and that strong surge in trading volume (for comparison, the average trading volume for the company for the whole of May was only 979,000) prompted stock exchange operator Singapore Exchange to issue a “Please Explain” in the evening of the day itself.
The company promptly replied a few hours later, stating that it is “in ongoing discussions with certain parties for a potential acquisition of assets and properties,” but that there’s “no definitive agreements” in place at the moment.
Aside from the potential acquisitions being a possible reason for such frenetic trading, Halcyon Agri doesn’t really know why there was such heavy volume. Interestingly, Halcyon’s trading volume for today, some 13.66 million, was almost double what it experienced yesterday.
No-frills carrier Tigerair (SGX: J7X) has increased by 2% to S$0.515. The company had released its operating statistics yesterday. For the month of May, Tigerair’s Singapore operations had seen passenger numbers grow by 17.7% year-on-year while the passenger load factor inched up by 0.9%. The carrier’s Mandala operations weren’t so healthy though, as passengers number shrank by 44.6% while the passenger load factor dipped by 0.9%.
Click here now for your FREE subscription to Take Stock Singapore, The Motley Fool’s free investing newsletter. Written by David Kuo, Take Stock Singapore tells you exactly what’s happening in today’s markets, and shows how you can GROW your wealth in the years ahead.
The Motley Fool’s purpose is to help the world invest, better. Like us on Facebook to keep up-to-date with our latest news and articles.
The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore writer Chong Ser Jing doesn’t own shares in any companies mentioned.