In today’s briefing:
- NSL Ltd (NSL SP): YTL’s Unconditional Offer
- Helixtap China Report: Inclement Weather And Arbitrage Buying Spurs Chinese Prices
- REIT Watch – S-Reits gain 1.7% after Fed’s rate cut
- Institutions net buyers of Singapore stocks
NSL Ltd (NSL SP): YTL’s Unconditional Offer
- Back on the 23rd July, YTL Cement entered into a S&P agreement with 98 Holdings to acquire a 81.24% stake in building material manufacturing/supplier NSL Ltd (NSL SP) at S$0.75/share.
- Pre-Conditions are now satisfied, and YTL Cement has launched a mandatory unconditional cash Offer. The Offer price is also S$0.75/share.
- Super straightforward deal. And will trade tight to – or through terms. YTL’s intention is to maintain NSL’s listing.
Helixtap China Report: Inclement Weather And Arbitrage Buying Spurs Chinese Prices
- Adverse weather impacts Chinese prices
- Arbitrage buying spurs prices up
- TSR inventory drops in September
REIT Watch – S-Reits gain 1.7% after Fed’s rate cut
- After the recent softening in jobs data and inflation figures, the US Federal Reserve declared its first rate reduction in four years, decreasing the overnight borrowing rate by 50 basis points or half a percentage point, in line with market expectations.
- The Fed has indicated additional rate cuts, forecasting another 50 basis points this year, a full percentage point in 2025, and half a percentage point in 2026.
- Similarly, the five S-REITs that recorded largest net retail inflows were Frasers Centrepoint Trust, ESR-LOGOS REIT, Paragon REIT, Mapletree Industrial Trust, and CapitaLand Ascendas REIT.
Institutions net buyers of Singapore stocks
- Institutions were net buyers of Singapore stocks over the five trading sessions spanning Sep 13 to 19, with S$367 million of net institutional inflow, bringing total net inflows from the 15 trading sessions spanning Aug 30 (which included MSCI Index rebalancing) through to Sep 19, to S$1.2 billion.
- Financial Services, Telecommunications, Industrials and REITs have led the net institutional inflow over the 15 sessions spanning Aug 30 to Sep 19.
- Seatrium also bought back 1.17 million shares, taking the cumulative percentage of issued shares (excluding treasury shares) acquired on the current mandate to 0.37 per cent.
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