Market highlights

1. The entry of a new telecommunications operator is modestly credit negative for incumbents Singtel, StarHub and M1 because it will likely intensify price competition and reduce their market share, said ratings agency Moody's.

2. SIA Engineering bought back 35,800 of its own shares on Tuesday at between $3.36 and $3.38 apiece.
Its accumulated share buy-back under the current mandate amounts to some 3.3 million shares.

3. The takeover offer for China Auto Electronics Group closed on Tuesday, with the offeror ending up with a stake of 94.2 per cent. The offeror will soon proceed to compulsorily acquire the remaining shares it does not own.

4. Shoemaker Nike reported better-than-expected quarterly profit and revenue on Tuesday, lifting its stock price.
Net income rose 7.3 per cent to US$842 million (S$1.2 billion) while revenue was up 6.4 per cent at US$8.18 billion.

5. Sembcorp Industries said its unit, Sembcorp North-West Power Company, has secured financing for its Sirajganj power project in Bangladesh. This project is estimated to cost about US$412 million.

A version of this article appeared in the print edition of The Straits Times on December 22, 2016, with the headline 'Market highlights'. Print Edition | Subscribe