Market highlights

1. Frencken Group's net profit for the first quarter jumped five times from the same period a year ago, to $16.3 million, partly due to a one-off gain from divestments. Revenue grew 18 per cent, driven by increased sales from its semiconductor and analytical segments.

2. PACC Offshore Services has entered into a joint venture agreement with First Emirates Group For Technology & Trading to set up a joint venture company in Abu Dhabi, United Arab Emirates, that will provide offshore marine services.

3. Nissan Motor has forecast a surprise drop in annual profit due to higher raw material costs and a stronger yen. Operating profit will probably fall 7.7 per cent to 685 billion yen (S$8.5 billion) in the fiscal year through March, the firm said yesterday.

4. British telecoms group BT yesterday said it will cut 4,000 jobs in its global services unit that serves multinationals, and scale back its dividend growth ambitions in a drive to recover from an accounting scandal and a profit warning.

5. The Australian state of New South Wales has sold power grid Endeavour Energy to a consortium led by Macquarie Group for A$7.62 billion (S$7.9 billion).The buyers include British Columbia Investment Management, AMP Capital and Qatar Investment Authority.

A version of this article appeared in the print edition of The Straits Times on May 12, 2017, with the headline 'Market highlights'. Print Edition | Subscribe