Singapore shares soar for sixth straight session, STI up 0.49%

THE Singapore market rose again on Friday to continue its winning streak which is into its sixth session.

The benchmark Straits Times Index (STI) rose 15.4 points or 0.49 per cent to 3,149.76.

The fuel once again came from Wall Street, where the Dow Jones Industrial Average and S&P 500 both marked Boxing Day by achieving new record highs on Thursday. A fall in weekly jobless claims was cited as the reason for the enthusiasm of investors in New York.

At home, gainers on the STI included commodities company Noble Group which rose 1.5 cents or 1.4 per cent to $1.06.

Outside the STI, Fraser and Neave (F&N) climbed 18 cents or 2.9 per cent to $6.38.

The company said on Thursday that it wants to return $607 million to shareholders, or 42 cents a share.

F&N had said that its current capital is "in excess of its immediate requirements". This capital reduction exercise will not change the number of F&N shares.

The conglomerate is expected to spin-off its property unit Frasers Centrepoint in a separate listing next month. Frasers Centrepoint shares will be distributed in specie to F&N shareholders.