Singapore Stocks: Fraser & Neave, Oversea-Chinese Banking, SMRT
December 02, 2011, 5:01 AM ESTBy Jonathan Burgos
Dec. 2 (Bloomberg) -- Singapore’s Straits Times Index rose 0.4 percent to 2,773.36 at the close. The measure climbed 4.9 percent this week, the first weekly advance in five weeks. Three stocks rose for each that fell in the benchmark gauge of 30 companies.
The following shares were among the most active in the market. Stock symbols are in parentheses after the company names.
Fraser & Neave Ltd. (FNN SP), a property developer and beverage maker, rose 2.2 percent to S$6.43. Nomura Holdings Inc. reiterated its “buy” rating on the stock with a share-price forecast of S$7.29, citing steady growth in its brewery business and improving profit margins at its soft drinks operations.
OKP Holdings Ltd. (OKP SP), a road builder, increased 2.8 percent to 55 Singapore cents. OCBC Investment Research reiterated its “buy” rating on the stock. OKP may win more government contracts, further boosting its current order book of more than S$400 million, Benjamin Lim, an OKP analyst, wrote in a note to clients yesterday.
Olam International Ltd. (OLAM SP), a supplier of agricultural commodities, advanced 1.7 percent to S$2.40. The company said it will spend $99.2 million in Nigeria. Of the total investment, $49.2 million will be invested in an integrated rice mill and farm, and $50 million will be used to expand Olam’s wheat milling capacity, it said.
Oversea-Chinese Banking Corp. (OCBC SP), Singapore’s second-biggest lender by market value, increased 1.1 percent to S$8.20. Standard & Poor’s said it raised its credit rating on OCBC to AA- from A+, citing the bank’s strong liquidity.
SMRT Corp. (MRT SP), Singapore’s biggest commuter-train operator, gained 1.7 percent to S$1.80. UOB-Kay Hian Holdings Ltd. raised its rating on the stock to “hold” from “sell,” saying the opening of the Bayfront station next month near the Marina Bay Sands casino-resort will boost ridership.
--Editor: Nick Gentle, Linus Chua
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 at ngentle2@bloomberg.net
