Here are three things about the local stock market that you might be interested in today.
1. The Straits Times Index (SGX: ^STI) ended Friday down 0.2%, or 7.5 points, to 3,529.27.
The biggest loser in the index was Yangzijiang Shipbuilding Holdings Ltd (SGX: BS6), falling 4.5% to S$1.06.
On the other hand, the STI component that gained the most was Singapore Airlines Ltd (SGX: C6L). The firm’s shares rose 3.8% to S$11.56. Other big gainers in the index were Venture Corporation Ltd (SGX: V03), Jardine Matheson Holdings Limited (SGX: J36) and Wilmar International Limited (SGX: F34).
In all, seven stocks ended the day in the green, 17 were in the red while the remaining six finished unchanged.
2. Singapore Airlines Ltd is looking to merge SilkAir, its regional wing, into Singapore’s flag carrier, SIA, after upgrading the regional carrier’s cabin products. This was announced before the market opened today.
More than S$100 million will be spent to upgrade SilkAir’s cabins with new lie-flat seats in the business class, and installation of seat-back in-flight entertainment systems in both the business and economy classes. The aim is to “ensure closer product and service consistency across the SIA Group’s full-service network”.
The aircraft cabin upgrades are expected to begin in 2020, due to lead times required by seat suppliers. The merger will occur only after a sufficient number of aircraft have been fitted with new cabin products.
To optimise the group’s network, there will also be transfers of routes and aircraft between the various airlines in the portfolio.
Chief executive of Singapore Airlines, Goh Choon Phong, said:
“Singapore Airlines is one year into our three-year Transformation Programme and today’s announcement is a significant development to provide more growth opportunities and prepare the Group for an even stronger future.”
Yesterday, Singapore Airlines made public its financial results for the full-year ended 31 March 2018. Revenue grew 6.3% to S$15.8 billion while net profit surged 148.1% to S$892.9 million. During the results announcement, the firm said that the first year of the group’s three-year transformation programme has shown good progress and is yielding early results.
3. Hyphens Pharma International Limited (SGX: 1J5) went public this morning. It opened at S$0.30, up from its initial public offering (IPO) price of S$0.26.
Hyphens is one of Singapore’s leading specialty pharmaceutical and consumer healthcare groups with a history dating back to 1998. The group has three main core business segments – specialty pharma principals, proprietary brands, and medical hypermart and digital.
Lim See Wah, chairman, executive director and chief executive of the group, said:
“We are encouraged by the strong response for our IPO, which is a clear signal of investors’ confidence in the Group’s strong track record and network, our portfolio of internationally well-known specialty pharmaceutical products as well as proprietary range of products and brands. With the success of our IPO, we are well-placed to expand and strengthen our product range and maintain growth momentum through scaling our presence in markets that we operate in and expanding into new geographical markets. We are delighted to have our stakeholders participate alongside our growth story.”
The listing of Hyphens brings the total number of healthcare companies listed on the local stock market to 38. Shares of the firm closed at S$0.275 today.
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