Market Snapshot
Singapore stocks opened lower on Friday (Sep 6). STI fell 0.1%; Nio rallied 12.8%; SingPost fell 1.2%.
Stocks to Watch
The following companies saw new developments that may affect trading of their securities on Friday:
Nio: The Chinese electric vehicle maker narrowed its Q2 loss for FY2024 by 16.7 per cent to 5.05 billion yuan (S$926.6 million) on higher sales. For Q3, Nio expects to deliver more vehicles, which would represent an over 10 year per cent quarter-on-quarter growth. It also expects higher revenue in the next quarter. Class A ordinary shares of Nio closed 0.9 per cent or US$0.04 higher at US$4.36 on Thursday, before the results were announced.
UOB: The bank said on Friday it priced £750 million (S$1.3 billion) in three-year covered bonds due 2027. The bonds, which will be issued under its US$15 billion global covered bond programme, have a coupon rate of the sterling overnight index average rate plus 53 basis points. Shares of the counter closed 0.3 per cent or S$0.10 higher at S$31.73 on Thursday, before the announcement.
SG Local News
Singapore, India Upgrading Ties to Comprehensive Strategic Partnership During Modi’s Visit
Singapore and India are upgrading their ties to a comprehensive strategic partnership as both countries look to boost trade and investment while deepening cooperation in a wide range of areas, including semiconductors and defence.
The agreement to elevate ties was made during Indian Prime Minister Narendra Modi’s two-day official visit to the city-state at the invitation of Singapore’s Prime Minister Lawrence Wong.
The upgrade, announced on PM Wong’s Facebook page on Thursday (Sep 5), comes as Singapore and India’s strategic partnership approaches its 10th anniversary next year.
Singapore’s Holidaymakers Toast Strongest Advance by Local Dollar in a Decade
It’s been more than a decade since Singapore’s dollar was last this strong against its US counterpart, and the effects are being felt by everyone from importers and exporters to shoppers and tourists.
The exchange rate touched the highest level since 2014 on Aug 26, not long after Prime Minister Lawrence Wong highlighted the importance of a strong currency as a shield to help the city-state combat inflation. The Singapore dollar is close to a record against the Indonesian rupiah as well, and not far off highs against the yen.
People in Singapore are jumping on the opportunity, according to luxury travel agent Lauren Raps. The co-founder of Alchemist Travel said her clients are getting out of town more frequently – and are quick to make deposits on bookings.
Singtel-Owned Optus, TPG Telecom Get Australia Competition Regulator’s Nod for Network-Sharing Deal
The Australian Competition and Consumer Commission (ACCC) on Thursday (Sep 5) said it will not oppose the proposed regional network and spectrum-sharing agreements between Singtel-owned Optus and Australian telco TPG Telecom.
The multi-operator core network (MOCN) tie-up allows TPG to access Optus’ regional radio access network, which connects devices such as smartphones to a larger network through a radio link. Most notably, it enables Internet access for gadgets.
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