Morning Highlights

There Are No Quick Picks For Today!

Singapore shares opened up after Wall Street’s overnight gains, spurred by positive corporate news that took major US indexes past key resistance levels. STI up 19.25 points to 3100.23.

  • OCBC ups Noble target to $1.97, keeps ‘buy’
  • DMG ups United Envirotech target to $0.66
  • SingTel to set up US$150 million corporate venture capital unit

Please note that  China will be shut for the Mid-Autumn Festival from 22 Sep to 24 Sep and Hong Kong on 23 Sep 2010.

Corporate Announcements:

  1. Noble agreed to buy San Diego-based U.S. retail energy and electricity business, Sempra Energy Solutions, for a consideration of $317 million cash and $216 million debt.
  2. Midas announced a maximum offer price of HK6.10 per offer share for its proposed HK secondary listing to raise up to net proceeds of approximately HK$1.27 billion.
  3. SGX announced an expansion of its AsiaClear business with the launch of a new clearing service for over-the-counter (OTC) traded financial derivatives.
  4. Olam announced that its offer for NZ Farming Systems Uruguay Limited has been declared unconditional.

News Updates:

  1. The US economy exited recession in June 2009, the National Bureau of Economic Research (NBER) said on Monday, officially calling the end to the longest downturn in more than half a century.
  2. IBM to acquire data-warehousing firm Netezza Corp. for $27 a share, nearly a 10% premium.
  3. Home-builder sentiment index is flat in September at multi month low
  4. Major U.S. indexes end up more than 1% after recession declared dead; Dow’s up 146 points.

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