Market highlights

1 Morgan Stanley's Adam Jonas, who had the top price target on Tesla Motors of all analysts, has cut it to US$245 from US$333 after Tesla CEO Elon Musk proposed a merger with SolarCity Corp, Bloomberg said.

2 OEL Holdings said that its application to put its wholly-owned unit Osec Shipyard under judicial management has not been allowed by the court.

3 Traders drove up oil price to almost US$50 a barrel after US crude production and stockpiles fell.

4 Hotel Properties has invested in a company in Thailand which will be an indirect associate. Siam Jl will carry out a food and beverage service business in restaurants and shops.

5 Olam International bought back 550,000 of its shares at prices of between $1.825 and $1.845 per share, at a cost of just over $1 million.

A version of this article appeared in the print edition of The Straits Times on June 24, 2016, with the headline 'Market highlights'. Print Edition | Subscribe