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STOCKS NEWS SINGAPORE-Index up, Olam, Fortune REIT gain
May 10, 2013 / 5:36 AM / 5 years ago

STOCKS NEWS SINGAPORE-Index up, Olam, Fortune REIT gain

Singapore shares rose, with Olam International Ltd gaining after the Singapore-based agricultural commodities company announced a joint venture with Sanyo Foods.

The Straits Times index gained 0.2 percent after rising to as much as 3442.45, its highest since January 2008, while MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.9 percent.

Shares of Olam jumped as much as 2.8 percent to S$1.82, its highest since November 2012. Some 8.8 million shares changed hands, matching the average full-day volume over the past 30 days.

Olam agreed to set up a joint venture with Sanyo Foods in Nigeria to make and distribute instant noodles in Nigeria and across sub-Saharan Africa.

Units of Fortune Real Estate Investment Trust (REIT) jumped 5.2 percent to a record high at S$8.24. The company posted a first-quarter net profit of HK$153.3 million ($19.76 million), up 16.3 percent from the previous year.

“While the second or third quarter may see anchor tenants renewing leases with lower percentages, we think that revenue and net property income are likely to grow on a quarter-to-quarter basis,” said OCBC Investment Research, which kept its “buy” rating and raised its fair value estimate to HK$8.64 from HK$7.28.

Croesus Retail Trust, which focuses on retail estate in Japan, is due to commence trading today at 2 p.m. 1310 (0510 GMT)

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