Singapore Daily Bulletin – 04/01/13

RELATED QUOTES

SymbolPriceChange
5TP.SI0.59-0.01
M35.SI1.50-0.05
528.SI0.2450.000

Gold Starts To Flow At Kelantan Plant
CNMC Goldmine Holdings announced yesterday that it has produced 740.82 ounces of gold dore bars at its new heap leach facilities. These semi-pure bars, which need further refining, were minted at its inaugural gold pour conducted last Sunday in Malaysia’s Kelantan state. The launch of the new heap leach facilities, delayed since its initial expected start date in 4Q11, had received approval from the Malaysian authorities on 6 November 2012. Operations started shortly after, the firm said. Chief executive officer, Chris Lim said: Production at CNMC’s facilities will go into full swing when the monsoon season ends next month. This would add about one million tonnes of processing capacity each year to the firm’s current 60,000 tonnes. Lim added: “However, the company’s more immediate plans are to expand its gold-extraction facilities, do more exploration work and increase its extraction of silver, lead and zinc to grow its revenue.” CNMC sells almost its entire output to local licensed gold buyers to minimise foreign exchange risk and for quicker cash flow.

Significance: The development shows that CNMC’s growth strategy is moving in the right direction and going forward CNMC will reap increased efficiencies in subsequent runs. Additionally, CNMC is likely to report higher resources later in the year, given efforts put into exploration following the completion of the construction of the heap leach.

Wheelock Increased Stake In Undervalued SC Global
Wheelock Properties increased its stake in SC Global Developments yesterday, paying $1.82 per share for 700,000 shares as it maintained its view that the property developer is undervalued. The move, which raised Wheelock’s stake by 0.17 percent to 16.77 percent, comes after its purchase of 2.098 million shares at between $1.815 and $1.82 on Wednesday. Tan Bee Kim, senior executive director Wheelock Properties (Singapore) Limited, said: “SC Global shares at the current price represent an attractive discount to value.” This coincides with the view maintained SC Global, which said last month, at $1.82, the share price represented a discount of some 40 to 50 percent of revalued net asset value, “and we would be unable to buy property assets directly at anything like these prices.” Simon Cheong, SC Global chief executive office, said on Sunday that he will not raise his $1.80 per share offer price to take the company private. The offer lapses on 16 January 2013.

Significance: An analyst cautioned that minority shareholders should not follow in Wheelock’s footsteps because if the company is taken private, Wheelock would still have some influence over the company, but minority shareholders would not. SC Global free float as at 3 January 2013 was 19.259 percent (excluding treasury shares).

Second Chance 1Q13 Earnings Falls 9.7 percent
Second Chance Properties reported net profit for 1Q13, of $3.35 million, down 9.7 percent from the $3.71 million it recorded a year ago. Second Chance’s bottom line was hit by a 27.7 percent drop in profit contribution at its properties business segment because of a $730,000 revaluation gain on properties held for sale recorded in the year ago period. This was partially offset by a $463,000 gain on fair valuation of securities held for trading for the quarter. Weaker gross profit margins at its gold business and a fall in sales also led to the profit decline. Revenue at Second Chance was flat at $9.39 million as better takings by is apparel business and securities arm overcame the turnover declines at its gold and properties. Second Chance said revenue improved 3.8 percent to $2.77 million from $2.67 million at its apparel business because it opened new shops in Malaysia. Securities’ turnover was $720,000, up 20 percent year on year. However, property – making up 60 percent of profit – saw rental revenue shrink 1.6 percent to $2.53 million from $2.57 million on the premise of rental income loss of around $0.13 million arising from sale of seven properties during FY12 which was partially offset by increased rental income of $0.09 million from a few lease renewals.

Significance: Second Chance expects its gold business to remain profitable in the current year amid volatile gold prices. As for its property business segment, it expects rental income for FY13 to remain stable at around the year ago period level.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
  • European, US equities dip awaiting Fed
    European, US equities dip awaiting Fed AFP News - 13 minutes ago

    European stocks slid Thursday in choppy trade as investors eyed poor German data and recent oil price falls, on the eve of a speech by Federal Reserve boss Janet Yellen. Mid-afternoon, Frankfurt had shed 0.9 percent, London lost 0.3 percent and … More »

  • Stocks waver between small gains and losses in midday trade
    Stocks waver between small gains and losses in midday trade Associated Press - 18 minutes ago

    Stocks are wavering between gains and losses in midday trading Thursday as investors sift through a handful of earnings reports. Drug company Mylan rose, but Signet Jewelers and Dollar General fell after ... … More »

  • TABLE-INDONESIA KPB NUSANTARA PALM OIL PRICES - Aug 25 Reuters - 22 minutes ago

    Aug 25 (Reuters) - Following are Indonesian prices for crude palm oil (CPO) quoted at an auction by PT KPB Nusantara (formerly known as the state marketing centre) on Monday. Buyer Volume Price Terms (tonnes) ... … More »

  • RUBBER-Tokyo futures prices after evening session Aug 25 Reuters - 23 minutes ago

    Following are prices for Tokyo rubber futures at the end of the Tokyo market's evening session on Aug 2016. Contract Day Volume Evening Volume * Aug 161.3 5 155.0 5 * Sep 156.2 45 156.5 12 * Oct 155.3 ... … More »

  • Japan's ANA finds problem with Boeing 787 Rolls-Royce engines, cancels some flights Reuters - 29 minutes ago

    TOKYO/LONDON (Reuters) - Japanese carrier ANA Holdings needs to replace damaged compressor blades in the Rolls-Royce engines powering its Boeing 787s, it said on Thursday, forcing it to cancel some Dreamliner flights over the coming weeks. The … More »

  • German prosecutors review stolen Bosch data for VW dieselgate clues Reuters - 33 minutes ago

    Prosectors in Stuttgart, Germany are examining a trove of stolen Bosch data to see whether it contains clues about how Volkswagen cheated diesel emissions tests. "We are reviewing it to see if it is relevant," a spokesman for the Stuttgart … More »

  • Turkey sends more tanks to Syria, warns Kurdish militia
    Turkey sends more tanks to Syria, warns Kurdish militia AFP News - 37 minutes ago

    Turkey sent more tanks into Syria on Thursday and sternly warned a Kurdish militia to withdraw from frontline positions, a day after pro-Ankara Syrian opposition fighters captured a key border town from jihadists. The tanks joined those which … More »

  • In euro zone first, Finland could sell syndicated bond with negative yield Reuters - 38 minutes ago

    Finland could launch a new bond as early as next week, three banking sources said on Thursday, a deal that could mark the first euro zone sovereign syndication with a negative yield. The country is believed to be considering whether to issue a … More »

  • Markets Right Now: Stocks waver in late morning trade Associated Press - 39 minutes ago

    The latest on developments in global financial markets (all times local): 11:45 a.m. U.S. stock indexes are wavering between small gains and losses as a late summer lull on Wall Street continues. Several ... … More »

  • Asia’s Biggest Container Shipper Posts Loss After China Merger Bloomberg - 41 minutes ago

    China last year merged China Ocean Shipping Group and China Shipping Group to form China Cosco Shipping Corp. as part of the government’s efforts to shrink industries plagued by overcapacity while creating globally competitive businesses. China … More »

  • Russia to work with US on response to Syria gas attacks probe
    Russia to work with US on response to Syria gas attacks probe AFP News - 54 minutes ago

    Russia will work with the United States on a response after UN investigators found that the Syrian regime had carried out chemical attacks, Moscow's UN Ambassador Vitaly Churkin said Thursday. An investigative panel set up by the UN Security … More »

  • Hedge Funds Are Suddenly Winning on China’s Most Dangerous Short Bloomberg - 55 minutes ago

    After suffering through a 953 percent rally in shares of Yirendai Ltd. since mid-February, hedge funds and other bearish speculators were rewarded over the past four days as the Chinese peer-to-peer lender sank 35 percent in U.S. trading. Holding … More »

  • FTSE retreats as pharma stocks fall
    FTSE retreats as pharma stocks fall Reuters - 55 minutes ago

    UK shares fell on Thursday, extending losses from the previous session as healthcare stocks dropped, though CRH rose after well-received results. The blue-chip FTSE 100 index was down 0.3 percent at 6,816.90 points by the close. Healthcare stocks … More »

  • Biden warns Europe against Russian energy reliance
    Biden warns Europe against Russian energy reliance Associated Press - 1 hour 35 minutes ago

    U.S. Vice President Joe Biden says a new natural gas pipeline planned to stretch from Russia to Germany "looks like a fairly bad deal" for Europe because it increases its energy dependency on ... … More »

  • Average US 30-year mortgage rate unchanged at 3.43 percent Associated Press - 1 hour 40 minutes ago

    Long-term U.S. mortgage rates didn't budge this week, remaining at historically low levels that continue to lure prospective home buyers. Mortgage giant Freddie Mac said Thursday that the average for the ... … More »

  • Oil prices up nearly 1 percent on soft dollar, OPEC speculation
    Oil prices up nearly 1 percent on soft dollar, OPEC speculation Reuters - 1 hour 43 minutes ago

    Oil prices rose nearly 1 percent on Thursday, bouncing back from a selloff in the previous session, on expectations the dollar would weaken ahead of a key speech by U.S. Federal Reserve Chair Janet Yellen on Friday. Crude futures also saw support … More »

  • Obama administration pushing state-run retirement plans Associated Press - 1 hour 44 minutes ago

    The Obama administration has finalized a new rule intended to encourage states to set up their own retirement plans. The Department of Labor rule is designed to clarify how voluntary, state-run retirement ... … More »

  • Spain revises Q2 growth estimate upward to 0.8 percent Associated Press - 1 hour 47 minutes ago

    Officials have revised Spain's quarterly economic growth figure for the April-June period upward, from 0.7 percent to 0.8 percent, welcome news for a country in its eighth month without a fully functioning ... … More »

  • Grain mixed, livestock mixed Associated Press - 1 hour 57 minutes ago

    Grain futures were mixed Thursday in early trading on the Chicago Board of Trade. Wheat for Sept. delivery was .50 cent higher at $4.0460 a bushel; Sept. corn was .50 cent lower at $3.27 bushel; Sept. ... … More »

  • Iran will join OPEC meet in Algeria: minister AFP - 2 hours 13 minutes ago

    Iran will take part in an informal meeting of OPEC countries in Algeria next month, state media reported on Thursday. "I will take part in this session," Oil Minister Bijan Zanganeh told the ... … More »

  • Deals of the day- Mergers and acquisitions Reuters - 2 hours 25 minutes ago

    ** British broadcaster ITV said on Thursday it would not bid for Entertainment One after failing to persuade the owner of the children's TV character Peppa Pig to enter into a formal process. ** Berry Plastics Group Inc said it would buy AEP … More »

  • Chinese military will train Syrian troops: govt
    Chinese military will train Syrian troops: govt AFP News - 2 hours 36 minutes ago

    China's military will provide training for Syrian armed forces, a spokesman for Beijing's defence ministry said Thursday, adding it would take place on Chinese soil. Beijing is a longstanding backer of the Syrian government of Bashar al-Assad, … More »

  • Gold edges off 4-week low, awaits clues on Fed policy
    Gold edges off 4-week low, awaits clues on Fed policy Reuters - 2 hours 43 minutes ago

    Gold edged off the previous day's four-week low on Thursday as the dollar retreated, but prices were rangebound ahead of a speech by Federal Reserve Chair Janet Yellen this week which will be watched for clues on monetary policy. Investors are … More »

  • Oil prices fall as production freeze expectation fades
    Oil prices fall as production freeze expectation fades Reuters - 2 hours 43 minutes ago

    Oil prices slipped on Thursday as the market focused on oversupply and fading expectation of a production freeze. U.S. light crude oil was down 15 cents at $46.62 a barrel, after dropping 2.8 percent on Wednesday. Oil prices rose more than 20 … More »

  • Bold moves, tepid gains: Have central banks met their limit?
    Bold moves, tepid gains: Have central banks met their limit? Associated Press - 2 hours 44 minutes ago

    The world's key central banks have worked themselves into contortions to try to rev up economic growth, raise inflation and coax consumers and businesses to borrow and spend more. They've pumped trillions ... … More »

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.128-0.001-0.78%
    N21.SI
    0.355-0.010-2.74%
    E5H.SI
    0.59-0.01-1.67%
    5TP.SI
    1.00+0.01+1.01%
    Y92.SI
    0.785-0.010-1.26%
    BS6.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.45+0.09+26.76%
    AYB.SI
    0.465+0.080+20.78%
    E8Z.SI
    0.16+0.02+14.29%
    UV1.SI
    0.20+0.02+11.11%
    BGO.SI
    0.188+0.018+10.59%
    AWS.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.35-0.10-22.22%
    BFK.SI
    0.185-0.040-17.78%
    Y35.SI
    0.40-0.06-13.04%
    BBW.SI
    0.20-0.03-13.04%
    AWI.SI
    0.194-0.026-11.82%
    BLZ.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3533-0.0004-0.03%
    USDSGD=X
    1.5261+0.0012+0.08%
    EURSGD=X
    1.7840-0.0066-0.37%
    GBPSGD=X
    74.2920+0.149+0.20%
    SGDJPY=X
    5.7279+0.0043+0.08%
    SGDHKD=X
    2.9634-0.0135-0.45%
    SGDMYR=X
    9,816.4678+33.2266+0.34%
    SGDIDR=X
    4.9165+0.0032+0.07%
    SGDCNY=X
    1.0298-0.0009-0.09%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,325.70-4.00-0.30%
    GCZ16.CMX
    18.51-0.05-0.25%
    SIU16.CMX
    97.04+1.70+1.78%
    ^XAU
    2.080.00+0.14%
    HGU16.CMX
    47.02+0.25+0.53%
    CLV16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.150.00
    ^FVX
    1.560.00
    ^TNX
    2.25+0.01
    ^TYX