MARKET UPDATES :
- SINGAPORE shares ended 1.2 per cent lower on Tuesday.The Straits Times Index fell by 39.85 points to close at 3,272.62. Some 1.54 billion shares valued at S$1.27 billion changed hands. Losers beat gainers 396 to 87.
- EZION Holdings secured yet another contract to provide a service rig to support a regional national oil company. The US$76 million contract is over a three-year period and comes with extension options. The rig expected to be deployed and working in the South-east Asian waters by end 2016. OCBC announced the buy back of 100,000 shares on Monday after market closed at the price of S$9.76, taking its total shares purchased to date by way of market acquisition to more than 8.6 million, forming 0.25 per cent of company’s issued shares, excluding treasury shares.
- OCBC announced the buy back of 100,000 shares on Monday after market closed at the price of S$9.76, taking its total shares purchased to date by way of market acquisition to more than 8.6 million, forming 0.25 per cent of company’s issued shares, excluding treasury shares. The bank, which has been re-appointed as the Baby Bonus Bank – a role assumed since 2008 – said the protection plan will be more affordable and targeted at addressing the needs of new parents . MaxMaternity Care is a three-year policy that aims to protect the expectant mother against maternity complications from as early as the 13th week of pregnancy, and to continue protecting the newborn against congenital illnesses until the policy matures,” OCBC said.
- THE Public Transport Tripartite Committee (PTTC) has outlined the guidelines on good employment practices that will be required of public bus operators as Singapore prepares for changes to its public bus transport system. This comes after the government announced earlier this year a planned shift to a bus contracting model where the government would own the buses and bus infrastructure, while routes will be contracted out for operators to run. Operators will be paid a fee for their service while the government will retain fare revenue.All bus routes will be progressively tendered out in packages, starting with three packages in 2014/2015, which could see new operators joining incumbents SMRT and SBS Transit.
- INDUSTRIAL and Commercial Bank of China (ICBC) on Tuesday said its Singapore branch has issued a total of four billion yuan (S$821.4 million) of “Lion City” hybrid bonds, with two of the three tranches being dual listed on the Singapore Exchange (SGX) and the GreTai Securities Market (GTSM).This is the biggest Lion City bond issuance to date, breezing past the previous two billion yuan record ICBC had set in 2013. It is also the first time a Chinese bank has issued dual-listed tranches.The four billion yuan hybrid bond issue was priced in three tranches; one for two-year bonds to raise two billion yuan, a second for five-year bonds to raise 700 million yuan, and the final for seven-year bonds to raise 1.3 billion yuan.The bonds were priced with a coupon of 3.5 per cent, 3.7 per cent, and 3.95 per cent respectively.
- BUREAU Veritas, a testing, inspection and certification agency, announced on Tuesday that it has acquired a 70 per cent stake in Singapore consultancy CKM Consultants Pte Ltd.The acquisition of the engineering and construction services firm will pave the way for the Euronext Paris-listed Bureau Veritas to take part in Singapore’s public-sector construction projects and to expand into private-sector projects in the longer term, it said. The partnership follows CKM Consultants’ clinching of a S$26 million contract to perform comprehensive “qualified-person supervision” – a supervisory service it has been accredited to perform – on four stations of the upcoming Thomson Line. The railway line is expected to open in phases from 2019. Bureau Veritas believes that the acquisition will enable it to inject its global practices into its Singapore partner, as well as bring CKM’s expertise to overseas markets, especially in South-east Asia.
STOCK RECOMMENDATION :
- BUY CITY DEVELOPMENT LTD ABOVE 9.600 TG 9.680, 9.780, 9.900 SL 9.500