Daily Morning Note – 22 Sep 2020

PHILLIP SUMMARY

Wall Street stocks dropped for a third straight session on Monday as worries about the latest coronavirus surge and the diminishing odds of another US stimulus bill weighed on equities. The Dow Jones Industrial Average ended at 27,147.70, down 1.8 per cent or around 510 points, but more than 400 points above session lows. The broad-based S&P 500 fell 1.2 per cent to 3,281.06, while the tech-rich Nasdaq Composite Index edged down 0.1 per cent to 10,778.80.

Stocks were in the red all day, but recovered somewhat the afternoon in apparent bargain-hunting.

BREAKING NEWS

Singapore police probe following a complaint by one of the Big Four accounting firms, Singaporean duo Nelson and Terence Loh are looking to offload their recently-acquired stake in Catalist-listed Axington Inc.

UG Healthcare Corp’s planned share split, which was approved by shareholders in a vote last Friday, will take effect on Oct 2. The register of members and share transfer books will be closed on Oct 1 at 5pm, the UG Healthcare board said in a bourse filing on Monday.

SingHaiyi Group is again paring its stake in Cromwell Property Group, with a share sale to an ARA Asset Management Holdings unit. SingHaiyi accepted a tender offer from ARA on Monday for roughly 17.5 million stapled securities, priced at A$16.1 million (S$15.9 million), the board said in a filing.

LCT Holdings has named Novus Corporate Finance as the independent financial adviser in a company co-founder’s privatisation bid. The appointment, which was disclosed to shareholders on Monday evening, comes after Du Junhong launched a voluntary conditional cash offer on Sept 16 to buy all the ordinary shares in the property investment company at S$0.60 apiece.

China Real Estate Grp has been taken to court by a would-be seller over aborted plans to consolidate its stake in a Chinese real estate developer, its board disclosed in a bourse filing on Monday night. The vendor, a unit of China Real Estate Group Union Investment Co, applied to a court in Beijing to make China Real Estate Grp, which used to trade as Asia-Pacific Strategic Investments, go through with the 9.8 million yuan (S$1.98 million) planned sale.

Kitchen Culture Holdings has called for a shareholder vote on Oct 7 over its plan to invest in a Chinese financial technology firm. The extraordinary general meeting (EGM), to be held electronically, was announced by the board in a bourse filing on Monday night.

Gene sequencing company Illumina Inc will pay US$7.1 billion in cash and stock to buy cancer test startup Grail, the Wall Street Journal reported on Monday, citing people familiar with the matter.

Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR

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