Singapore shares rose on Wednesday to their highest in a week,
with commodity firm Noble Group among the biggest
The benchmark Straits Times Index edged up 0.2
percent to 3,152.6 points. MSCI's broadest index of Asia-Pacific
shares outside Japan fell 0.3 percent.
Noble jumped as much as 2.1 percent to S$0.975. Aroud 29
million shares were traded, about 1.2 times the average full-day
volume over the past 30 days.
Shares of steel trader and manufacturer company Albedo Ltd
surged as much as 19 percent to S$0.050, the highest
since Oct. 3. Nearly 300 million shares were traded, making it
the second-highest traded stock by volume on Wednesday.
Albedo announced last month a S$774 million ($621 million)
reverse takeover deal with Infinite Rewards, a company
controlled by Malaysian businessman Danny Tan. Executives from
Infinite Rewards stressed their commitment to seeing the deal go
through, local media reported on Wednesday.
Shares of Sino Grandness Food Industry Group Ltd
jumped as much as 8 percent to S$0.74. Maybank Kim Eng said the
company has been launching new products, as well as expanding
its distribution network and capacity.
The broker added that the stock is undervalued and more
value could be unlocked through the planned initial public
offering of its beverage unit, Garden Fresh. Maybank has a 'buy'
rating and a target price of S$0.94 on the stock.