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Singapore index inches up; Noble leads

Published on Apr 8, 2014 2:00 PM
 

SINGAPORE (Reuters) - Singapore stocks edged up on Tuesday after two straight sessions of decline, led by a 5 per cent jump in shares of Noble Group, while losses in property plays weighed on sentiment.

The benchmark Straits Times Index edged up 0.2 per cent to 3,200.50 by midday, after touching a one-week low of 3,186.09 earlier in the day.

Noble rose as much as 5.3 percent to $1.285, snapping a two-day losing streak that followed a surge to the stock's 17-month high of $1.32 last week, after the company announced that China's largest grain trader COFCO Corp will buy a 51 per cent stake in Noble's agribusiness for an initial US$1.5 billion (S$1.9 billion).

Global Logistics Properties shares dropped 1.9 per cent, among the worst performing stocks on the index, while City Developments fell 1.2 per cent to a one-week low of $10.08 in its second day of decline.

 
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