Daily Morning Note – 8 Oct 2020
Asian stocks looked set to follow their U.S. peers higher as investors mulled encouraging signs for Joe Biden in the presidential election race and what it could mean for stimulus. Treasury yields pushed higher and the dollar slipped. Futures rose in Japan and Hong Kong, and stocks climbed in Australia. U.S. contracts were little changed following the S&P 500’s 1.7% overnight advance. Nancy Pelosi signaled openness to an airline-relief bill in talks with Steven Mnuchin after President Donald Trump scuttled broader negotiations, while a fresh round of state polls showed Biden is widening his lead in a slew of crucial battleground states. Treasuries declined, sending the 10-year yield up to 0.79%.
ALPHA Energy Holdings said on Wednesday that independent auditor Nexia TS Public Accounting Corporation has issued a disclaimer of opinion in the group’s financial statements for the financial year ended Dec 31, 2019 (FY2019). With the financial statements prepared on a going-concern basis, Nexia has written that it is “unable to obtain sufficient audit evidence to be able to form an opinion as to whether the going-concern basis of preparation of the accompanying financial statements of the group or company is appropriate”.
THE net profit of Catalist-listed Fortress Minerals doubled to nearly US$5.7 million for the second quarter ended Aug 31, from US$2.5 million a year ago on the back of higher sales volume of iron ore. The healthy sales order books is a signal that demand for iron ore concentrate remains strong, said the group in its financial statements released on Wednesday. The company recorded earnings per share of 1.14 US cents for the quarter, compared to 0.50 US cent a year ago.
MAGNUS Energy Group is seeking an extension of around two months to Dec 11 to submit its proposal for its shares to resume trading, said the firm in a regulatory update on Wednesday. Its shares have been suspended from trading since August 2019, following the release of an external report by Provenance Capital, which was hired by the firm to review selected transactions from 2013 to 2017. The probe had been opened after queries were raised by its former executive managing director, Charles Madhavan.
OVER half of Frasers Centrepoint Trust‘s gross proceeds raised from its private placement has been allocated to temporarily pare down its revolving credit facilities, the real estate investment trust’s (Reit) manager said in a bourse filing on Wednesday. The deployment of the proceeds to fund the acquisition of AsiaRetail Fund (ARF) is pending. The Reit had announced last month its plan to buy the remaining 63.1 per cent stake in ARF for S$1.06 billion.
THE participation rate in OCBC Bank‘s scrip dividend scheme comprised three-quarters (75.2 per cent) of shareholdings, with nearly 67.5 million new ordinary shares allotted and issued to shareholders, the bank said on Wednesday. OCBC had declared a dividend of 15.9 cents a share for the first half of the year, with the scrip dividend scheme applicable. Following the allotment and issuance of the new shares, the number of issued ordinary shares of the bank will increase by 1.5 per cent to about 4.5 billion, said the bank.
Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR
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