Russia-Ukraine 'ceasefire' lifts STI
LOCAL shares advanced for a second straight session yesterday, after European stocks extended their rally on news of a possible ceasefire agreement between Russia and Ukraine.
The key benchmark Straits Times Index ended up 20.47 points to 3,348.77, with 1.5 billion shares valued at $1 billion changing hands.
News of the ceasefire in eastern Ukraine, despite Russia's denial of the deal, helped offset investor concern over downbeat data on factory activity here last month.
The Jardine group of companies were among the top gainers yesterday.
Jardine Matheson jumped 3.1 per cent or US$1.86 (S$2.33) to US$62.41, Jardine Cycle & Carriage gained 1.5 per cent or 65 cents to $45.08 and Jardine Strategic rose 1 per cent or 38 US cents to US$37.13.
DBS gained 0.7 per cent or 13 cents to $18.06, with 2.37 million shares changing hands.
Linc Energy jumped 7.8 per cent or nine cents to $1.24, after the company announced it has received unsolicited expressions of interest for its Umiat and Wyoming oil assets in the United States.
Linc said it will start working "with additional parties" also interested in buying its US-based oil and gas portfolio, but it noted that there is no assurance a formal offer will eventuate.
Tech firm Singapore eDevelopment has requested a trading halt pending an announcement. Yuexiu Property made a similar request in relation to an announcement on inside information.
The Hour Glass jumped 6.8 per cent or 12.5 cents to $1.95, after the firm proposed to sub-divide each ordinary share into three.
The firm said this move is expected to benefit shareholders because the reduced share price will boost affordability, encourage more retail participation and provide greater trading flexibility.
It will also broaden the shareholder base and enhance the market liquidity of the shares over time, The Hour Glass said.
Assuming that there is no change in the number of issued shares, which stood at 235 million as of yesterday, the company will have 705 million issued shares after the sub-division, it said.