Singapore Shares Recover as Inflation Edges Up; CapAllianz Soars 200%

MT Newswires07-23

Singapore's stock market recovered slightly on Tuesday, despite a 2.4% increase in inflation and gains in overseas markets.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,448.69 and 3,461.16 throughout the day. It ended the session at 3,461.16, up 23.90 points or 0.7% compared to Monday's close.

In economic news, Singapore's headline consumer price index, or overall inflation, edged up to 2.4% year on year in June, due to a pickup in food, transport, housing and utilities, recreation and culture, and healthcare inflation.

In company news, shares of CapAllianz Holdings (SGX:594) surged 200% after it agreed to allot and issue 650,859,805 new shares at SG$0.002 apiece under three separate placement agreements with new investors.

ASL Marine (SGX:A04) was up nearly 5% after it allotted and issued 12,288,100 shares pursuant to the exercise of the same number of warrants at an exercise price of SG$0.06 per share.

Meanwhile, CNMC Goldmine (SGX:5TP) was up more than 9% after the company forecasted a significant overall improvement in its net profit for the first half of 2024.

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