Wilmar: (S$3.17) Majority shareholder ADM sparks rally
Majority shareholder NYSE-listed Archer Daniels Midland (ADM) purchased shares in the market yesterday, potentially sparking Wilmar's 8.9% climb in share price yesterday.
In response to a SGX trading query, the group disclosed that the 18.31% shareholder bought an approximate 22% worth of total volume yesterday, or ~5.2m shares, and raises its stake to 18.39%.
The stake increase may perhaps provide assurance to other shareholders and may also signal a share price support at the $3.00 region.
In the near term, market watchers will be anticipating Wilmar's 3Q15 results to be released on 11 Nov after trading hours. The street expects earnings per share of US$0.045 (3Q14: US$0.066, 2Q15: US$0.032).
Bloomberg consensus currently has 14 Buy, 5 Sell and 2 Hold ratings on Wilmar, with a 12-month TP of $3.31.
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