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The Singapore Market This Week: Venture Corporation Ltd Leads the Pack Higher

The local stock market benchmark, the Straits Times Index (SGX: ^STI), rose 0.8%, or 26.6 points, to end the week at 3,512.1 points. Out of the 30 index components, 16 were in the positive territory; eight were in the red while the rest of the six stocks were unchanged.

Venture Corporation Ltd (SGX: V03) emerged as the biggest winner of the lot after gaining 5.6% to S$28.82.

Earlier in the month, the global electronics services provider said that its revenue for the full year ended 31 December 2017 grew 39.3% to a record S$4 billion while its net profit surged 106% to S$372.8 million.

On the other end of the spectrum, Jardine Cycle & Carriage Ltd (SGX: C07) lost the most ground. The company, which has a strong regional automotive presence, saw its shares tumble 2.8% to S$34.94.

Just like Venture, Jardine Cycle & Carriage performed well for 2017. Full-year revenue rose 12%, from US$15.8 billion in 2016 to US$17.7 billion. Meanwhile, net profit climbed 16% to US$811.2 million.

Elsewhere, Oxley Holdings Ltd’s (SGX: 5UX) shares dived 4.5% to end Friday at S$0.53.

The home-grown property developer announced during the week that it is looking to raise net proceeds of around S$78.1 million by placing out 156.8 million shares to investors. On top of improving trading liquidity, the company said that the placement exercise would help to enlarge institutional presence in its shareholder base.

The new shares will be issued at a price of S$0.51 per share, which is a discount of about 8.8% to the volume weighted average price of S$0.559 seen on 14 March 2018. The company added that the net proceeds would be used for working capital purposes, including funding project development.

Shares of NutryFarm International Ltd (SGX: AZT) ballooned 34.1% to end the week at S$0.275. This came after it was made public that its indirectly wholly owned subsidiary, LottVision Internet Management, will be buying a 45% stake in First Linkage, an internet technology outfit, for RMB 90 million (around S$18.7 million).

NutryFarm’s primary business is in nutrition and health food products, but the acquisition is to diversify its income streams. The latest move is also in line with its intention to “build up its capabilities, know-how and customer base in internet services, telecommunications network and information technology services so as to assist in the future development and expansion of the related existing internet management business”.

The SPDR STI ETF (SGX: ES3), an exchange-traded fund which can be taken as a proxy for the Straits Times Index, is now valued at a price-to-earnings ratio of 11.6 and has a distribution yield of 2.9%.

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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.