Short-covering keeps STI on an even keel

PERHAPS the best thing that can be said of Wednesday's stock market session was that the Straits Times Index avoided a fifth consecutive loss, though this was likely via short-covering than anything else.

Stocks to watch: Noble, Frasers Centrepoint, Thakral, Wilmar

TRADING activity here on Thursday will continue to take its cue from the latest bout of corporate earnings released and see selective stock plays.

Noble Group, which has been hogging the most actively-traded list, could continue to see much interest on Thursday on news that it has fully redeemed the 2015 and 2020 securities, affirming its earlier assurances that it has sufficient cash to fund its bond redemption and operations.

The US$500 million 4.875 per cent senior notes due 2015 have been fully redeemed on Aug 5, the scheduled maturity date, and there are no 2015 securities outstanding. The commodities group said it has also redeemed in full US$235 million of the 6.625 per cent senior notes due 2020, on Aug 5, and there are no 2020 securities outstanding.

Companies that reported stronger quarterly results included Frasers Centrepoint Limited, Thakral Corporation and Wilmar International.

Singapore shares open higher on Thursday

SINGAPORE's benchmark Straits Times Index (STI) opened higher at 3,192.49 at 9.02am on Thursday, up 1.1 points or 0.03 per cent. This followed a rise in US stocks overnight after some technology companies posted better-than-expected earnings and the US services-industry data suggested that the economy was on track for faster growth.

Some 57.6 million shares worth S$69.6 million changed hands. But losers slightly outnumbered gainers 68 to 66.

Top volume stocks in early morning trading included CapitaLand which was up 1.9 per cent to S$3.23 at 9.02am, and Noble Group which rose 1.8 per cent to 57.5 cents. EMS Energy jumped 4.8 per cent to 2.2 cents while Jason Holdings was up 6.9 per cent to 7.7 cents.