Singapore stocks were steady on Thursday, while shares of
Singapore-listed commodities firm Noble Group Ltd fell
for the second consecutive session after posting weak
The Straits Times Index was flat, while the MSCI's
broadest index of Asia-Pacific shares outside Japan
was up 0.2 percent.
Shares of Noble fell 2.3 percent for the second consecutive
session to S$1.07.
Noble reported disappointing results on Tuesday, posting a
62 percent fall in first-quarter net profit, saying the
challenging operating environment had hurt its margins.
Shares of offshore service provider Ezion Holdings Ltd
rose 4.4 percent to a record high of S$2.39, after a
trading halt was lifted.
Ezion received a letter of intent with a contract value of
about $80.3 million over a four-year period to provide a service
rig to an Asian-based national oil company.
DBS Vickers kept its "buy" rating on the stock and upgraded
its target price to S$2.52 from S$2.47.
Shares of Yongnam Holdings Ltd rose 6.1 percent to
S$0.35, the highest since November 2007, after the company
posted a marginal rise in first-quarter net profit.
"Margins should pick up slightly for the rest of the year on
execution of strutting order-book and the commencement of new
contract wins," said Maybank Kim Eng, which maintained its "buy"
rating on the stock and lowered its target price to S$0.43 from
1215 (0415 GMT)