Daily Morning Note – 25 March 2020
WEEKLY MARKET OUTLOOK WEBINAR
PHILLIP SUMMARY
Wall Street posted its best performance in nearly 90 years on Tuesday, as indices rallied on hopes that lawmakers would soon agree on a massive stimulus package to blunt the coronavirus’ economic impact.
The Dow Jones Industrial Average surged 11.4 per cent rallying to end the session at 20,704.91, its biggest one-day percentage increase since 1933.
The tech-rich Nasdaq gained 8.1 per cent to close at 7,417.86, while the broad-based S&P 500 finished the day at 2,447.33, a gain of 9.4 per cent.
BREAKING NEWS
Prudential announced on Tuesday that in light of the “continued turmoil” in public equity markets on the back of the Covid-19 pandemic, it is ensuring that alongside preparations for a minority initial public offering, it will “actively evaluate” other options in relation to its US unit Jackson National Life.
Thakral Corporation raised S$5.8 million from the sale of its retail building in Japan, the group said in a regulatory update on Tuesday. The divestment of the 6,588 square foot Nambanaka Thakral Building in Osaka reaped a net profit of about S$300,000 as at Dec 31, 2019 and a profit of about S$6.1 million from its original acquisition and development cost.
Tan Chong International posted a net profit plunge of 65 per cent for the year ended Dec 31, 2019 to HK$212.93 million (S$39.74 million) compared to a year ago period.
GL Limited announced on Tuesday that the hotels under its hospitality subsidiary GLH will “progressively be closed temporarily” amid the Covid-19 outbreak, with the exception of a few to serve the needs of some guests.
Olam International has sold its remaining 50 per cent stake in its Indonesian sugar joint venture (JV), Far East Agri for US$82.5 million – with US$2.5 million contingent on satisfaction of an arrangement provided in the sale-and-purchase agreement, said the company in a bourse filing on Tuesday.
Sim Leisure Group announced on Tuesday that it has entered a subscription agreement with Malaysia-based food and beverage group Tropika Kiara for over 13.4 million new shares.
GYP Properties – the former Global Yellow Pages – announced on Tuesday that the group’s retail centre in New Zealand Pakuranga Plaza, with the exception of the supermarket and pharmacy, will be closed for the next four weeks.
Nike’s quarterly profits dropped following a rare sales decline in China due to the coronavirus outbreak, a hit offset somewhat by higher online sales in that market, the company announced Tuesday.
Euro zone finance ministers broadly backed on Tuesday an idea that governments might apply for a precautionary credit line worth some 2 per cent of their GDP from their ESM bailout fund to help them fight the economic impact of the coronavirus epidemic.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
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