SGX Stocks and Warrants
Palm Oil Inventories at 13-month Low
Warrants Highlight
Palm Oil Inventories at 13-month Low
Macquarie is pleased to list the following new warrants this morning:
| Code | Name | Type | Expiry | Exercise Price |
| QR7W | INDOFMBECW121203 | Call | 03-Dec-12 | 1.30 |
| QR8W | STXOSV MB eCW121203 | Call | 03-Dec-12 | 1.50 |
Yesterday, the Malaysian Palm Oil Board said that its inventories fell 4.5% to 1.76mn metric tons in May, the lowest since April 2011. The figure was lower than the Bloomberg survey of 1.78mn tons. While the recent retreat in crude oil prices may have adversely affected the palm oil prices, the increase in demand during Ramadan and the drop in inventory could potentially support the prices.
According to a Reuters survey, traders are forecasting an increase in India’s refined palm oil imports in May. The official data will be released by the Solvent Extractors’ Association of India later this week.
Indofood - U-turn before hitting new low
Indofood Agri's shares fell to $1.15 last week, just 1 cent above its 52-week low struck during last October. It rose 7.8% since last Tuesday to close at $1.24 yesterday, outperforming its peers Wilmar (-0.9%) and Golden Agri (-1.6%).
How much is STX OSV worth?
On a separate note, the talks of selling STX OSV's stake by its parent STX Corp have yet to be finalised. Reuters reported in April that STX Corp has hired J.P. Morgan and Standard Chartered to look for a buyer of its 50.75% stake. STX OSV shares rose 3.2% yesterday to close at $1.46.
Singapore Market Wrap
Spanish bailout optimism helped markets higher
Global markets were off to the one of the best starts to the week in a long time following news over the weekend that Spain had asked for 100 billion euros of bailout funds. Singapore's benchmark STI put in its best Monday performance this year after soaring 1.8% day-on-day (dod) to close at 2,787.81 yesterday.
Call STI 2750MBeCW120831 (QP9W) exercise level 2,750.*
Put STI 2650MBePW120831 (QQ0W) exercise level 2,650.*
Olam sees massive spike on share buyback
Olam made its best gains since October 27 last year after spiking 8.9% dod to $1.77 yesterday. The stock's move came on the back of a share buyback announcement posted after market last Friday. The company bought back as much as 10% of its shares, with CEO saying in a statement that the move reflects "the confidence that Olam's board has and growth prospects of the group".
Call Olam MB eCW121203 (QP0W) exercise price $1.70.*
Call Olam MB eCW121005 (QF2W) exercise price $2.00.*
Noble buys
Olam's counterpart Noble Group also made an impressive advance spurred by a company announcement. Noble's share price rose 4.11% dod to $1.77 after it said in a pre-market announcement that it had acquired 25% of Thunderbird Power Holdings, which owns a power generation facility in the U.S, for US$7.2mn.
Call NobleGrpMBeCW120903 (P1GW) exercise price $1.60.*
Call NobleGrpMBeCW120802 (P6IW) exercise price $1.90.*
Overnight Market Wrap
Spanish bailout hype ended early
The S&P500 closed 1.3% lower yesterday at 1,308.93 after gaining around 0.7% at the start of US trading hours. Over the weekend, the Spanish government requested for a EUR 100bn to recapitalise its banks. However, investors are sceptical whether the effort could improve the flagging Spanish economy and the high unemployment rate.
Ratings agency, Fitch, downgraded the credit rating for Spain's two largest banks, Santander and BBVA yesterday. At the same time, Spain's two-year yield rose to 4.57% as investors worried that they could rank behind the European creditors in seniority after the bailout. Crude oil fell below $82/barrel.
Overnight Markets
| Indices | Last | Change |
|---|---|---|
| STI | 2787.81 |
1.8%  |
| HSI | 18953.63 |
2.4% |
| DJIA | 12411.23 |
-1.1%  |
| S&P 500 | 1308.93 |
-1.3% |
| Nasdaq | 2809.73 |
-1.7% |
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