3 Things You Need to Know About the Singapore Stock Market Today
Hello, Fools! Here are three things you might want to know about the local stock market today.
1. The local stock market, as represented by the Straits Times Index (SGX: ^STI), ended Tuesday at 3,263.79 points, edging up 0.5% as compared to yesterday’s close.
The biggest winner in the index was commodity firm, Golden Agri-Resources Ltd (SGX: E5H). It gained 4.2% to S$0.375.
On the other hand, property developer, UOL Group Limited (SGX: U14) became the STI’s weakest performer. It tumbled 1.2% to S$8.05.
2. Comfortdelgro Corporation Ltd (SGX: C52) made public today that it is in exclusive discussions with Uber to form a potential strategic alliance. It said:
“ComfortDelGro Corporation Limited (the “Company”) wishes to announce that the Company has signed an exclusivity letter with Uber Technologies, Inc. (“Uber”) for exclusive discussions in relation to forming a potential strategic alliance between the Company and Uber, which may include collaboration in relation to management of fleet vehicles and booking software solutions in Singapore, including the Company’s taxis also being made available on Uber’s app (“Potential Strategic Alliance”). The Company believes that the Potential Strategic Alliance will strengthen the Company’s position as a major mobility service provider in Singapore.”
It will be interesting to know what the strategic alliance will bring and if it will help to prop up the revenue at ComfortDelGro’s taxi business.
For the second quarter, taxi business’ revenue decreased by 10.7% year-on-year to S$303.9 million due to increased competition.
3. The earnings season is almost coming to an end. My Foolish colleague, Lawrence Nga, touched on two real estate investment trusts (REITs) that had reported poorer quarterly earnings. Check out his article here. (Hint: They are both retail REITs.)