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How did the Singapore Market Fare this Week?

Over the week, our local share market, represented by the Straits Times Index  (SGX: ^STI), gained 0.4% to 3,418 points.

Of the index’s 30 components, 16 clocked weekly gains, 12 were in the red, while two were flat.

The biggest winner in the index was a company that has been in the limelight: Noble Group Limited (SGX: N21).

The commodity trading firm, which gained 8.2% to end the week at S$1.055, had recently came under attack by little-known research firm, Iceberg Research. Iceberg Research had questioned the quality of Noble Group’s profits and its accounting methods.

On Thursday, Noble Group’s Chief Executive Officer Yusuf Alireza released a message to the company’s stakeholders. The letter came with an eight page rebuttal to Iceberg Research’s allegations, together with what the company had found out about the research firm and the possible intentions behind the release of those damning research reports.

In any case, for the fourth quarter of 2014, Noble Group had posted a loss of US$240 million, its first quarterly loss in three years.

Meanwhile, casino giant Genting Singapore PLC (SGX: G13) was the biggest loser within the index as its shares plunged 6.1% to S$0.925. That’s near a five-year low for the firm.

Genting Singapore had released its financial results for its fiscal fourth-quarter on 24 February. It wasn’t a pretty set of numbers. Revenue slipped 8% year-on-year to S$638 million while net earnings slumped by 30% to S$119 million.

Interestingly, the firm had impaired S$262 million worth of trade receivables for the whole of 2014. Genting Singapore’s latest balance sheet had S$1.1 billion worth of current trade and other receivables (receivables that are to be collected by 31 December 2015). But how much of that is really collectable? It’s a question my colleague Stanley Lim had raised recently.

The STI is currently going at close to 14 times its historical earnings.

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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 Sudhan P doesn’t own shares in any companies mentioned.