October 9, 2013 / 7:08 AM / in 4 years

Singapore shares rise to one-week high; Albedo, Sino Grandness jump

Singapore shares rose on Wednesday to their highest in a week, with commodity firm Noble Group among the biggest gainers.

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.

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