NST Online Business Times : latest
NST Online Business Times : latest |
| IGB REIT opens 10pc higher on debut Posted: 20 Sep 2012 06:14 PM PDT IGB Real Estate Investment Trust opened at RM1.37 (US$0.45) per share on its trading debut on Friday, as investors eager for exposure to Malaysia's largest pure retail real estate investment trust chased the stock. IGB REIT raised US$260 million in the buoyant Malaysian market to make it the country's fourth-largest flotation this year, behind palm oil firm Felda Global Ventures Holdings in June, IHH Healthcare in July, and pay-TV company Astro Malaysia Holdings, due to list in October. By 9.02am, IGB was at RM1.39 per share, 11.2 percent above its IPO price of RM1.25, in line with most analysts' expectations who had predicted a bounce despite tottering global equity markets and pulled listings. -- REUTERS |
| US stocks rebound after early losses Posted: 20 Sep 2012 04:45 PM PDT NEW YORK: US stocks ended mixed on Thursday, recovering after poor economic data in the US, Europe and China pushed markets to losses in early trade. Health care and utility stocks fared well while transportation was a significant loser, the sector falling by 2.6 percent. The Dow Jones Industrial Average closed up 18.97 points (0.14 percent) at 13,596.93. The S&P 500 lost 0.79 points (0.05 percent) at 1,460.26, while the tech-heavy Nasdaq dropped 6.66 points (0.21 percent) to 3,175.96. Meanwhile, US data was mostly glum: an unimproved weekly jobless claims figure, a slight fall in the Conference Board's leading economic indicators index, and a continued negative reading in the Federal Reserve's economic activity index for the Philadelphia region. "What was strong during the early part of the economic recovery is getting weaker now and what was weak is getting stronger," said Gary Thayer of Wells Fargo Advisors. JC Penney plunged 11.2 percent after the struggling retailer's chief executive gave a warning that sales might continue to be weak for the rest of the year. Simon Property, the owner of hundreds of malls around the country, fell 3.0 percent after missing forecasts despite a solid quarterly earnings report. ExxonMobil picked up 1.1 percent on news that it had bought productive Bakken shale assets acreage in North Dakota and Montana for US$1.6 billion in cash and asset swaps from Texas-based Denbury Resources. Bed Bath and Beyond shares dropped 9.8 percent after its second-quarter earnings undershot analysts' forecasts. Earnings for the quarter were US$224.3 million, 98 cents a share, compared with 93 cents a share a year earlier. News Corp shares edged 0.6 percent higher after Britain's media watchdog decided to allow its 39 percent-owned subsidiary BSkyB to keep its lucrative broadcast license in the wake of a phone-hacking scandal. Apple meanwhile fell back below the US$700 line, slipping 0.5 percent to end at US$698.70. -- AFP |
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