3 Things You Need to Know About the Singapore Stock Market Today
Good evening, folks! Here are three things about the local stock market that you might be interested in today.
1. The Straits Times Index (SGX: ^STI), ended the day flat at 3,260.05 points. Out of the 30 STI components, half were in the positive territory, five were unchanged and 10 were in the red.
Out of the 30 STI components, half were in the positive territory, five were unchanged and 10 were in the red.
The biggest winner in the index was public transport operator, Comfortdelgro Corporation Ltd (SGX: C52). Yesterday, the firm announced that it is working with Uber on a strategic alliance. You can read up about the announcement here.
To be sure, nothing concrete has been sealed but the market seems to be jubilant about the news. Shares of ComfortDelGro rose 8.8% to close at S$2.36.
Meanwhile, Jardine Matheson Holdings Limited (SGX: J36) lost the most ground, sliding 2% to US$65.78.
2. Still in the blue-chip universe, property giant, CapitaLand Limited (SGX: C31), announced today that it has signed an agreement with Alibaba Group Holding Ltd (NYSE: BABA) to manage Alibaba’s Shanghai headquarters and launch an exclusive online mall on Lazada Singapore. Alibaba Group owns more than 80% of Lazada.
Mr Lim Ming Yan, President & Group Chief Executive Officer of CapitaLand Limited, said:
“Even as new technologies disrupt traditional business models, real estate remains an important part of a holistic customer journey, as affirmed by leading digital players who are seeking to gain a foothold in the physical space. CapitaLand is excited to collaborate with leading digital economy players like Alibaba and Lazada on this transformational journey and we look forward to creating win-win outcomes for all parties. We will continue to work with our business partners and forge new strategic alliances to future-enable our properties and support our retailers in embracing an omni-channel business model that meets the needs of consumers.”
You can read up more from the announcement here.
3. Out of the big boys league, Raffles Education Corp Ltd (SGX: NR7) announced its financial results for the full year ended 30 June 2017 (FY2017).
For the year, revenue declined by 13% year-on-year S$96.2 million while the bottom line turned sour. The firm saw a net loss of S$1.9 million in FY2017 as compared to a net profit of S$15.8 million in FY2016.
The slip in revenue was mainly due to discontinuation and teach-out of Raffles Shanghai joint venture college, decrease in utility and rental incomes, and reduction in foreign student intake at Raffles Sydney.
Meanwhile, the net loss was largely attributable to a reversal of government grant receivable for land restructuring of S$30.7 million.
Shares of the education firm closed at S$0.199 today, up 1%.