Market Snapshot
Singapore stocks opened flat on Friday. STI rose 0.1%, SIA fell 0.3%, CityDev fell 1.4%, DBS rose 0.3%.
Stocks to Watch
NetLink NBN Trust :The fibre network infrastructure provider’s trustee-manager on Thursday announced a distribution per unit (DPU) of S$0.0265 for the second half of its fiscal year ended March, up 1.1 per cent from the S$0.0262 DPU in the year-ago period. This brings its DPU for the full year to S$0.053 for FY2024, up 1.1 per cent on the year. The counter closed flat at S$0.865, before the results were announced.
Centurion : Its joint venture has leased 15 floors of a building in Hong Kong from Golden Well Development, with the intention of using the space for student accommodation. On Thursday, the dormitory operator said the property is expected to be operational in September this year. Centurion shares fell 1.8 per cent or S$0.01 to close at S$0.54, before the announcement.
No Signboard : The mandatory unconditional cash offer launched by its investor, Gazelle Ventures, to acquire all of its issued and paid-up ordinary shares closed with slightly more than 0.5 per cent valid acceptances. Shares of the Catalist-listed restaurant operator rose 42.3 per cent or S$0.011 to close at S$0.037, prior to the announcement on Thursday.
SG Local News
Singapore’s key exports shrink by slightly larger-than-expected 9.3% in April, easing from March
SINGAPORE’S non-oil domestic exports (NODX) slid 9.3 per cent from the year-ago high base in April, dragged down by a decrease in the non-electronics sector, particularly in volatile products, data from Enterprise Singapore (EnterpriseSG) showed on Friday (May 17).
This was a gentler contraction that the revised 20.8 per cent tumble charted in March, but slightly worse than the median 8.9 per cent drop forecast by private-sector economists in a Bloomberg poll.
Year on year, non-electronics decreased, while electronics resumed growth.
Singapore Grade A office rents rebound with 0.7% increase after six-month slump
Singapore Grade A office rents rebounded with 0.7% increase in the first quarter of 2024 after declining for two consecutive quarters. The positive change is despite the office spaces staying mostly the same.
Tridiana Ong, Executive Director and Head of Office Services at Colliers Singapore, identified key factors contributing to this upturn in an interview with SBR. She noted that during the pandemic, “supply of Grade A office space has been tight.”
Singapore retains top spot in global government efficiency ranking for second year in a row
Singapore has once again secured the top position in the annual Chandler Good Government Index, for the second consecutive year.
The index, compiled by the Chandler Institute of Governance, a respected international non-profit organization, evaluated the capabilities and efficiency of governments across 113 nations.
Over 3 in 5 Singaporeans willing to go overseas for work: Report
A new report shows that more than three in five Singaporeans are willing to move abroad for work, with the highest number of those who say they’re down to relocate being workers under the age of 30.
Around the world, one in four employees are actively looking for work overseas, according to the Decoding Global Talent 2024 report from the Boston Consulting Group (BCG), The Network, which includes Jobstreet by SEEK, and The Stepstone Group.