Bloomberg News

Singapore Stocks: CapitaLand, Noble Group, Sembcorp Industries

October 24, 2011

Oct. 24 (Bloomberg) -- Singapore’s Straits Times Index gained 1.8 percent to 2,760.95 at the close.

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 1.1 percent in New York on Oct. 24, snapping two days of losses.

Noble Group Ltd. (NOBL SP), a Hong Kong-based commodities supplier, advanced 3.2 percent to S$1.465. Olam International Ltd. (OLAM SP), a Singapore-based trader of agricultural commodities, increased 3 percent to S$2.40.

CapitaLand Ltd. (CAPL SP), Southeast Asia’s biggest developer, gained 2.5 percent to S$2.51. Citigroup Inc. maintained its “buy” rating on the stock even as the company reported an 83 percent decline in third-quarter net income to S$80.2 million ($63 million). “We expect CapitaLand to deliver higher fourth-quarter net profit as that group has three overseas projects due for completion,” analyst Wendy Mok wrote in a note to clients.

China XLX Fertiliser Ltd. (CXLX SP), a maker of urea and methanol fertilizer, jumped 6.8 percent to 31.5 Singapore cents. The company said third-quarter net income increased to 102.9 million yuan, compared with 28.3 million yuan ($16 million) a year earlier.

Hi-P International Ltd. (HIP SP), an electronics manufacturer whose clients include BlackBerry-maker Research in Motion Ltd., declined 3.4 percent to 56.5 Singapore cents. The company said it will report lower profit in the third quarter compared to the previous three months as higher labor and raw material costs offset increased revenue.

Singapore Exchange (SGX SP), operator of the city’s bourse, gained 3.1 percent to S$6.40. The company said it plans to introduce MSCI Indonesia Index futures by the first quarter.

Sembcorp Industries Ltd. (SCI SP), the conglomerate that gets about 56 percent of revenue from utilities, increased 2.5 percent to S$4.08. The company said it will sign an agreement with the Qidong LVSI Coastal Economic Development Zone in China’s Jiangsu province to build an industrial wastewater treatment facility in the business park.

--Editor: Jim Powell.

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

To contact the editor responsible for this story: Nick Gentle in Hong Kong at ngentle2@bloomberg.net


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