Singapore stocks climb over 1%; ComfortDelGro, Noble Group rally

Singapore shares advanced on Monday, extending previous sessions' 1.1 percent gain amid optimism about global growth.

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The logo of the Singapore Exchange (SGX) is pictured at its office in Singapore. REUTERS

Singapore shares advanced on Monday, extending previous sessions' 1.1 percent gain amid optimism about global growth.

Asian shares were buoyant following strong U.S payrolls data and better-than-expected Chinese trade data on Friday.

The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 percent, staying well above a recent two-month trough of 542.27 points.

The Straits Times Index climbed 1.05 percent or 36 points to 3,460. It ended 1.1 percent higher on Friday, taking the year-to-date performance to about 19 percent.

Shares of United Overseas Bank Ltd rose as much as 2.6 percent, their biggest intraday spike in over seven months. Oversea-Chinese Banking and DBS Group Holdings advanced 1 percent each.

Shares in the embattled commodities trader Noble Group jumped as much as 12 percent to S$0.14 on the Singapore Exchange on Monday.

The city-state's top taxi operator ComfortDelGro Corp was the best performer on the index, climbing as much as 7 percent after it said on Friday it would buy a 51 percent stake in a unit of Uber .

London-listed hotel arm Millennium & Copthorne Hotels agreed accepted about 2 billion pounds (S$3.63 billion) offer from its majority shareholder City Developments after an earlier bid was rebuffed by minority investors. Shares in City Developments rose 2.3 percent.

About 1.5 billion shares worth S$999 million changed hands, with gainers outnumbering losers 254 to 183.

This article was first published on December 11, 2017
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