Stock Market Today-Sembcorp Marine shares jump on deal to sell 9 rigs for US$1.3b

SINGAPORE - Sembcorp Marine shares surged 9.5 cents or 5.48 cents to S$1.83 on Monday morning (Oct 9) after it said it will proceed with the sale of nine jackup drilling rigs to Borr Drilling for US$1.3 billion (S$1.77 billion), or US$144 million per rig.

Although the sale will result in a loss of about S$15 million for SembMarine, it improves the rigbuilder's liquidity position.

Borr Drilling will make an upfront down payment of about US$500 million, with the balance of US$800 million to be paid at any time within five years from the respective delivery dates of the rigs.

The nine apparatuses sold incorporate every one of the six apparatuses from contracts which had been ended with its unique clients, and three apparatuses by and by under different phases of development finishing. 

In the previous two months, SembMarine had ended requests for five apparatuses with clients Oro Negro and Perisai; every unit was requested at about US$208 million out of 2013, said OCBC investigator Low Pei Han. 

Ms Low kept up a purchase approach SembMarine with a S$1.98 per share reasonable esteem assess on Monday.

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Watchable Stocks Today: Addvalue, Alliance Mineral, Keppel Corp

The accompanying organizations saw new improvements that may influence exchanging of their offers on Thursday: 

Addvalue Technologies: Addvalue has consented to an arrangement with an accomplice to offer its oceanic item and information arrangements package for remote ocean angling vessels. The twosome are peering toward a market size of no less than 500 angling vessels. Addvalue's CEO said the association is relied upon to create a month to month repeating income of about US$200,000. Addvalue shut at S$0.044 an offer on Wednesday. 

Cooperation Mineral Assets: Alliance is putting A$19.575 million (S$20.9 million) of offers to Burwill Commodity as inspector, Ernst and Young (Australia), hailed vulnerability about the mining organization's capacity to proceed with operations on the off chance that it can't raise more subsidizes. The organization's offers will continue exchanging today. Collusion last exchanged at S$0.30 an offer on Sept 29. 

Keppel Corporation: Keppel Shipyard has secured a skimming creation, stockpiling and offloading (FPSO) vessel change contract from SBM Offshore NV. The agreement is for the change of a Very Large Crude Carrier (VLCC) into a FPSO. Keppel last exchanged at S$6.52 an offer on Wednesday.

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Goldman upgrades Singapore Exchange to a 'buy'

GOLDMAN Sachs has overhauled the Singapore Exchange (SGX) to "purchase" from "unbiased" on an enhancing volume and profit viewpoint. It has likewise raised the objective cost by 6 for each penny to S$8.60. 

The SGX has failed to meet expectations peers and the Singapore record year to date as profit desires were modified down, said the Goldman report, which was issued on Sept 26, 2017, when the SGX was exchanging around S$7.45 and shut at S$7.31 an offer. 

Goldman trusts the profit slices should arrive at an end and volume recuperation will provoke upward updates to agreement. 

Money value turnover speed has remained low at the SGX (and all inclusive) on rising value levels, which helped volumes, yet drove trades to fail to meet expectations (as volumes slacked file rises), it said.

In a setting of US Fed fixing, it trusts half of the SGX money advertise volumes could be liable to greater instability and subsequently could have higher speed.

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Singapore shares open down on Tuesday

SINGAPORE stocks opened lower on Tuesday, with the Straits Times Index shedding three points or 0.1 per cent to 3,212.91 as at 9.04am.

This comes as Wall Street stocks fell overnight, where a selloff in technology shares weighed heavily on the Nasdaq, while rising geopolitical concerns between North Korea and Washington added to a cautious tone.

On the Singapore bourse, about 54.6 million shares worth S$45.9 million in total changed hands.

The field was roughly evenly matched, with 63 gainers to 58 losers.

The most actively traded counter was Rowsley, which fell S$0.002 to S$0.129 with 13.5 million shares changing hands. Other actives included QT Vascular and KrisEnergy.

Elsewhere, Japan's Topix was slightly lower as at 9.21am in Tokyo and South Korea's Kospi index was down 0.3 per cent. Meanwhile, Australia's main gauge added 0.1 per cent, and Hong Kong's Hang Seng Index futures fell 0.4 per cent, Bloomberg reported.

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