SG Market

SG Market: S’pore shares are likely to trade lower amid weaker US market, concerns over the US jobs report, Europe’s weekend elections and contraction in S’pore Apr manufacturing data to 49.7, which is among the lowest in Asia. The STI is set to lose its toe-hold over the 3000 level although the index is expected to trade within a tight range as investors stay on the sidelines. Immediate support is seen at 2985. Among stocks in focus: *Venture: 1Q12 results in line with consensus estimates, net profit -13.7% to $35.5m, revenue -2.3% yoy to $574.3m *Hyflux: 1Q12 results at lower end of expectations, net profit +4% yoy to $7.7m, revenue +60% to $138.9m as loss of Mid-East/North Africa project impact margins and earnings outlook. *CapitaMall/Oxley: CMT sold Hougang Plaza to Oxley Holdings for $119.1m. *City Dev: Puts Tampines Grande office building up for sale at ~$400m. Millennium & Copthorne reports 31.5% yoy jump in 1Q pretax profit to £25.9m. *A-Reit has priced its 150m private placement at $1.99.