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Golden Agri soars on positive earnings, Singapore market jittery

Published on Mar 3, 2014 1:00 PM

SINGAPORE (Reuters) - Golden Agri-Resources outperformed a jittery Singapore stock market on Monday, heading for its biggest daily gain in six months after well-received earnings.

Shares of the palm oil plantation firm jumped 5.4 per cent to their three-month high of $0.59, with 98.5 million shares changing hands as of midday, more than three times the 30-day average daily volume.

Golden Agri reported a 129 per cent surge in fourth-quarter net profit on Friday, helped by a better sales performance in China.

OCBC Investment Research maintained its "hold" rating on Golden Agri, increasing its fair value to $0.52 from $0.50 and its 2014 revenue estimate by 2-3 per cent.

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