Friday, April 25, 2014

Market News In 2 Minutes @ 25th April 2014

Market News in 2 minutes
As stock investors (even though a small one), it is important to keep abreast with the latest financial and market news. Since I am in it, I thought it might be worthwhile to share it out with my readers too.

Hence, I started this "Market News In 2 Minutes" series.
Following are the "Market News In 2 Minutes" for today :
1. SMRT Corporation (S53) - Said it was 
unaware of a reason to explain why its shares climbed by as much as 21% yesterday to a four-month high of $1.24. (source : The Edge)

2. Roxy-Pacific Holdings (E8Z) - Said it has entered into an agreement to acquire a 28 storey commercial building property located at 59 Goulburn Street, Sydney, NSW, Australia for a consideration price of A$90.2 million ($105 million). (source : The Edge)

3. Sheng Siong (OV8) - Net profit rose 19.3% to $12.5 million in 1Q2014 from 1Q2013, mainly because of the higher turnover. Revenue increased by 5.7% to $189.7 million. The group’s gross margins increased to 23.8% in 1Q2014 compared with 22.5% in 1Q2013, due to lower input costs derived from the distribution centre and higher selling prices. (source : The Edge)

4. Wee Hur Holdings (E3B) -  Proposed a joint venture (JV) for the purpose of developing two mixed-use development projects in Jiangsu province, China. Under the JV agreement, Wee Hur would invest an aggregate consideration of Rmb120 million for both projects. The company views the JV as an opportunity for the company to participate in the real estate market in China. (source : Shares Investment)

5. Sunpower Group (5GD) - Proposed to issue 65.8 million new shares at an issue price of $0.14 per share. These news shares to be issued will increase the paid-up share capital of the company to 394.8 million shares and represent 16.7 percent of the enlarged share capital. The company intends to channel the expected placement proceeds of $8.9 million into working capital requirements. (source : Shares investment)

6. Singapore Reinsurance Corporation (S49) - Posted a 35.3 percent jump in revenue to $38.7 million for the quarter ended 31 March 2014, supported by timing difference in booking of premiums and higher premiums reported by cedants. Earnings for the quarter dropped 28 percent to $3.9 million, mainly due to higher net commission and management expenses. (source : Shares Investment)


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