Bloomberg News

Singapore Stocks: Biosensors, Jardine Cycle, Noble, Wilmar

October 06, 2011

Oct. 6 (Bloomberg) -- Singapore’s Straits Times Index advanced 2.9 percent to 2,603.12 at the close. Thirteen stocks rose for each that fell in the index of 30 companies.

The following shares were among the most active in the market. Stock symbols are in parentheses after the company names.

Commodity suppliers: The Thomson Reuters/Jefferies CRB Index, which tracks prices of 19 commodities ranging from copper to corn, rose 1.9 percent in New York yesterday, snapping three days of losses.

Noble Group Ltd. (NOBL SP), a Hong Kong-based commodities supplier, jumped 8.2 percent to S$1.38. Olam International Ltd. (OLAM SP), a Singapore-based supplier of agricultural commodities, gained 2.3 percent to S$2.26.

Biosensors International Group Ltd. (BIG SP), a maker of drug-coated stents used to treat blocked arteries, increased 4.9 percent to S$1.18. DBS Group Holdings Ltd. raised its rating on the stock to “buy” from “hold,” saying contributions from recently-acquired JW Medical Systems will boost the company’s earnings. The brokerage lifted its share-price forecast to S$1.71 from S$1.40.

Jardine Cycle & Carriage Ltd. (JCNC SP), a motor distributor that gets about 89 percent of its sales from Indonesia, surged 5.3 percent to S$39.98. Its unit PT Astra International plans to spend $1.5 billion on capital expenditures next year to help finance business expansion, Kontan reported, citing Director Gunawan Geniusahardja.

United Overseas Bank Ltd. (UOB SP), Singapore’s third- biggest lender by market value, rose 3.5 percent to S$16.60. The company said it plans to double cross-border business lending within the next three years and has set up a Foreign Direct Investment advisory unit to service mid-sized foreign companies expanding into Singapore and Asia.

Wilmar International Ltd. (WIL SP), the world’s biggest palm oil processor by sales, advanced 4.9 percent to S$4.67. The stock slumped 16 percent in the past three days on concern sugar prices will continue to drop amid increased industry production. The “selldown is overdone” since sugar only contributes between 5 percent and 10 percent of the company’s operating profit, UOB-Kay Hian Holdings Ltd. wrote in a note to clients.

--Editors: John McCluskey, Jason Clenfield.

To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net.

To contact the editor responsible for this story: John McCluskey at j.mccluskey@bloomberg.net.


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