The Star Online: Business
The Star Online: Business |
- SapuraKencana rose on solid 2Q and analysts Buy rating
- KLCI starts fourth quarter on weak note, Wall Street weighs
- UK job vacancies rise, wages remain flat
| SapuraKencana rose on solid 2Q and analysts Buy rating Posted: KUALA LUMPUR: SapuraKencana Petroleum Bhd rose at midmorning on Tuesday on its solid half year results and after analysts maintained their Buy call on the oil and gas company. At 9.55am, it rose eight sen to RM3.77 with 4.08 million shares traded between RM3.74 and RM3.80. The FBM KLCI fell 1.26 points to 1,767.36. Turnover was 397.73 million valued at RM252.49mil. There were 164 gainers, 217 decliners and 219 counters unchanged. CIMB Equities Research said SapuraKencana's record second quarter led to a record first half with a core net profit that broadly met expectations at 45% of its full-year forecast and 42% of consensus, thanks to Seadrill's drilling rigs. Therefore, it has raised the target price of SapuraKencana from RM4.80 to RM5.60, which is a 51.8% above the current price of RM3.69. Last Friday, SapuraKencana had launched its first pipe laying vessel, Sapura Diamante. The launch marks a significant new chapter for the group's expansion into Brazil's giant oil and gas sector. The 550-tonne vessel is the first in a series of six fully integrated offshore vessels to be used to develop deep-sea oilfields in Brazilian waters on behalf of Brazil's Petroleo Brasileiro (Petrobras). |
| KLCI starts fourth quarter on weak note, Wall Street weighs Posted: KUALA LUMPUR: Malaysia's blue chips fell in early Tuesday trade, weighed down by the weak overnight close on Wall Street and key markets, with BAT, UMW and Petronas Chemicals among the losers. At 9.02am, the KLCI was down 2.73 points to 1,765.89, kicking off the fourth quarter on a weak note. Turnover was 37.93 million shares valued RM19.71mil. There were 64 gainers, 84 losers and 113 counters unchanged. JF Apex Research said the local market will remain uncertain as investors await a last minute deal in the US Congress to avoid the government shutdown by noon. For the downside, immediate support for the KLCI is at 1,750. BAT fell the most, down RM1.20 to RM63 with 200 shares done while GAB lost 18 sen to RM17 on worries about a hike in sin taxes in the Budget 2014 proposals. Lafarge lost nine sen also to RM9.33 while UMW shed six sen to RM11.76. Sersol continued to lose ground, falling seven sen to 67 sen and its warrants five sen to 48 sen. United Plantations rose 36 sen to RM26.96 and Genting Plantations 14 sen to RM9.54. PPB lost 12 sen to RM14.10. Among oil and gas counters, Petronas Dagangan added 10 sen to RM29.10, SKPetro rose eight sen to RM3.77 and Dialog three sen to RM2.57. Petronas Chemicals shed nine sen to RM6.76. |
| UK job vacancies rise, wages remain flat Posted: LONDON: The number of advertised jobs in Britain rose to its highest level in four years in September, according to a survey released by a jobs website on Tuesday, another sign that the economic recovery is gaining momentum. The Reed Job Index, assembled using data from around 150,000 vacancies advertised on the website of recruitment firm Reed Global, showed vacancies grew 24 percent on an annual basis to hit the highest number since the launch of the index in 2009. However, wages remained stagnant for a third month, it found. Unemployment, currently 7.7 percent, has become one of the closest watched economic indicators since the Bank of England said it would not think about raising interest rates from a record low until the jobless rate falls to 7 percent. Reed's data indicated that job prospects were improving across all regions in the UK and in a range of industries. Vacancies in manufacturing and retail rose by 32 percent and 31 percent respectively compared to the same period last year. The construction and property sector saw a 78 percent year-on-year rise in vacancies.- Reuters |
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