Wall Street stocks resumed their upward climb on Wednesday, shrugging off disappointing results from Netflix and advancing after two down days. Most sectors enjoyed a strong session, including industrial companies like Caterpillar, oil firms including ExxonMobil, and financial giants like Bank of America. Equities had fallen the last two days amid valuation concerns and worries over growing Covid-19 outbreaks in India and other countries. But investors took the drop as a cue to buy, with the Dow Jones Industrial Average gaining 0.9 percent to 34,137.31. The broad-based S&P 500 advanced 0.7 per cent to 4,173.44, while the tech-rich Nasdaq Composite Index surged 1.2 per cent to 13,950.22.

SG

Marine and offshore engineering group Sembcorp Marine (SGX: U96) and high-speed craft builder Penguin International (SGX: BTM) are working with Shell to trial the maiden use of hydrogen fuel cells for ships in Singapore, the oil major said on Wednesday. In a statement, Shell said its analysis points to hydrogen with fuel cells as "the zero-emissions technology which has the greatest potential to help the shipping sector achieve net-zero emissions by 2050"."If successful, this collaboration could help pave the way for cleaner, hydrogen-powered shipping," it said. The trial involves the development and installation of an auxiliary power unit proton exchange membrane fuel cell on an existing roll-on/roll-off vessel that transports goods, vehicles and equipment between the mainland and Shell's Pulau Bukom manufacturing site.

Keppel real estate investment trust (Reit) (SGX:K71U) reported a 22 percent rise in distributable income to S$51.6 million for the first quarter of 2021, up from S$42.3 million in the year-ago period. In a quarterly update on Wednesday, the Reit manager attributed the increase to contributions from Victoria Police Centre in Melbourne and Pinnacle Office Park in Sydney, higher one-off income, as well as lower borrowing costs. However, this was partially offset by the impact of "slightly lower" portfolio occupancy. As of March 31, 2021, Keppel Reit's portfolio had a committed occupancy of 96.5 percent and long portfolio weighted average lease expiry of 6.7 years.

Mapletree Logistics Trust (MLT) (SGX: M44U) on Wednesday posted a distribution per unit (DPU) of 2.161 Singapore cents for the three months ended March 31, 2021, up 5.5 percent from the year-ago period. In a bourse filing after trading hours, the real estate investment trust (Reit) reported that the amount distributable to unitholders for the quarter rose 18.9 percent year on year to S$92.6 million. This brings DPU for FY 20/21 to 8.326 Singapore cents on an enlarged unit base, up 2.3 percent year-on-year. Amount distributable to unitholders for the full year rose 10.4 percent to S$333.1 million. Net property income for the quarter rose 19.1 percent to S$136.7 million; gross revenue was up 22.6 percent to S$157 million.

Aztech Global (SGX: 8AZ) on Wednesday posted a net profit of S$13.2 million for its first quarter ended March 31, 22 times its net profit of S$0.6 million in the corresponding period last year. This comes as its revenue increased 210.7 percent year on year from S$37.3 million to S$115.9 million. Profit before tax also jumped nearly 13 times, from S$1.2 million in Q1 FY20 to S$15.2 million in Q1 FY21. In a business update, Aztech said that the strong year-on-year revenue growth was driven by higher production volume and shipment of its Internet of Things (IoT) and data-communication products to customers. Manufacturing activities in Q1 FY21 were also higher than the previous year, as facilities were shut down for a shorter period during the Chinese New Year holiday this February to meet higher production needs.

UMS Holdings (SGX: 588) on Wednesday acquired another 13.1 percent of shares in Catalist-listed JEP Holdings (JEP). UMS acquired 54.2 million shares for S$10.8 million, or at S$0.20 per share, from JEP executive director Zee Hoong Huay. The deal raises UMS's stake in JEP to 53.8 percent, or 222.6 million shares. UMS has launched a mandatory general offer for JEP at S$0.20 per share. UMS intends to maintain the listing status of JEP.

Ascendas India Trust (SGX: CY6U)  saw net property income rise 5 per cent in the first quarter to 2.11 billion rupees (S$38.4 million), from 2.02 billion rupees in the year-ago period. In a business update after trading hours on Wednesday, the property trust attributed the increase to lower property expenses, but said it was partially offset by lower total property income.

Fortress Minerals (SGX: OAJ) saw its net profit increase 2.8 times to US$18.2 million for the financial year 2021. Earnings per share for the full year rose 176.8 per cent to 3.65 US cents. The improved performance was driven by strong customer demand, strength in iron ore prices and lower unit cost through higher productivity, the Malaysian iron ore concentrate producer and exporter said in an update of its financial results late on Wednesday.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR