Singapore Stock Market Updates On 12/05/11

Morning Highlights

Singapore market dropped slightly with STI down 7.21 points to open at 3,167.97, after heavy selling overnight on Wall Street. Australia’s share and currency markets fall after the release of weaker jobs data raises doubts about the ongoing strength of the economy.

• Singapore fund industry assets grew 13% to S$1.4t in 2010

Corporate Announcements:

1. Noble Group announced a first quarter net profit of US$203 million, a 76.5% increase from Q1 2010.
2. SingTel announced a fourth quarter (2010) net profit of $991.7 million, down 2.3% from a year earlier. The company announced a final dividend of 9 cents and special dividend of 10 cents.
3. Yanlord announced a first quarter net profit of RMB 422.6 million yuan, a 312% increase from the previous year.

News Updates:

1. Japan may cut fiscal 2011/12 tax revenue estimate
2. Tokyo stocks slipped on Thursday, led by declines in energy and other commodity shares after sharp overnight falls in commodities prices, but rebounding prices of silver and oil in early Asia trade and a strong performance by bellwether Toyota Motor Corp limited the losses.
3. Australian employment unexpectedly fell in April while the jobless rate held steady at 4.9%, pushing back the chances of a rate hike by the Reserve Bank of Australia and sending the local dollar sharply lower.

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Stock Prices last updated at 10:30 (Singapore Time)