SG Morning Call | STI Rises 0.12%; SingaporeLandGrp up over 2%; Golden Agri-Res, First Resources up over 1%; OCBC Bank, YZJ Shipbldg up Within 1%
Market Snapshot
Singapore stocks opened higher on Friday. STI rose 0.12%; SingaporeLandGrp up over 2%; Golden Agri-Res, First Resources up over 1%; OCBC Bank, YZJ Shipbldg up within 1%.
Stocks in Focus
$City Developments Limited(C09.SI)$ (CDL) : The property developer on Thursday announced that it launched a S$2 billion multicurrency debt issuance programme. Net proceeds will be used to finance general working capital requirements and corporate funding of CDL and its subsidiaries, on top of refinancing existing borrowings. The perpetual securities will be offered in Singapore to institutional and accredited investors. Shares of CDL ended Thursday 1.8 per cent or S$0.15 lower at S$8.44, before the news.
$Singapore Exchange(S68.SI)$ (SGX): The local bourse’s total securities market turnover value increased 78 per cent year on year to S$52.8 billion in March, a company report indicated on Thursday. Securities daily average value grew 62 per cent on the year to S$2.4 billion, while derivatives-traded volume hit a record high after surging 40 per cent year on year to 38.3 million contracts. Shares of SGX ended Thursday 0.6 per cent or S$0.12 higher at S$20.31, prior to the announcement.
$Olam Group(VC2.SI)$: The company on Friday announced a restructuring of its board and senior management, led by the simultaneous departures of its chairman, Lim Ah Doo, and its co-founder and group CEO, Sunny Verghese, from their parent-company roles. This is effective Apr 27. Lim will be succeeded by current deputy chairman Yap Chee Keong. Shares of Olam ended at S$0.87, 1.1 per cent or S$0.01 lower, on Thursday.
SG Local News
Singapore’s adoption of electric heavy vehicles up 10 times on incentives
Registrations of fully electric heavy goods vehicles, also known as EHVs, in Singapore have jumped 10 times – thanks largely to incentives rolled out at the start of the year.
EHVs are also receiving more attention as the Middle East conflict drives diesel prices up. But industry observers say that significant barriers to adoption remain, including operational and charging challenges.
EHVs are electric versions of heavy goods vehicles (HGVs), which have a maximum laden weight of 3,501 kg to 16,000 kg, and very heavy goods vehicles (VHGVs), which have a maximum laden weight of more than 16,000 kg.
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