SG Market (06 Jun 16)

SG Market: The market may open firmer today, amid dimmed prospects of a Jun US interest rate hike following a bleak jobs report.

Regional bourses opened mixed, with Tokyo (-1.5%) weaker but Sydney (+0.1%) stronger. Seoul is closed for Memorial Day.

From a chart perspective, resistance for the STI is seen at 2,830 with underlying support at 2,760.

Stocks to watch:
*SGX: May operational statistics remained weak. Total securities turnover was $21.6b (-6% y/y, +3% m/m) and derivatives volume shrank to 13.6m contracts (-12% y/y, -9% m/m), while commodities derivatives volume totalled 1.3m contracts (+132% y/y, -26% m/m). 27 new bond listings raised $12.3b, while one mainboard IPO (Manualife US REIT) raised $634.4m.

*SGX. Planning to launch an ETF tracking the performance of the SGX S-REIT 20 Index in 2H16.

*Frasers Logistic & Industrial Trust: Launched IPO to raise gross proceeds as much as $1.27b. Backed by 51 Australian properties, the trust is will be priced between $0.85-0.89; and offers up to 7% FY16 yield.

*Noble: Its global head of gas and power trading, Gareth Griffiths is reportedly leaving the group. This follows the resignation of its CEO Yusuf Alireza, while Chairman Richard Elman is set to step down within 12 months.

*Olam: Issued 9.2m warrants to existing warrant holders on the basis of 1 new warrants for every 45 existing warrants held as at 3 May. The warrants are exercisable at US$1.19/share.

*China Merchants (Pacific): Parent, China Merchants has attained 78.4% control following its recent cash offer of $1.02/share.

*Frasers Centrepoint: CEO Lim Ee Seng will retire on 30 Sep, and will be replaced by one of the board of directors Panote Sirivadhanabhakdi.

*Declout: Raising its stake in vCargo Cloud, an associate providing e-trade services and cargo cloud solutions, to 50.01% from 30% for $9m.

*YuuZoo: Launching SportsHero, a real-time fantasy sports app and social prediction platform.

*Ley Choon: Awarded $2.8m contract by PUB for maintenance and service of installations in water supply network.

*China Environment: Requested its auditor Baker Tilly to resign due to difficult working relationship, and appointed RT as replacement.