SG Market: Spore shares are likely to get a lift after Wall Street puts in its best performance in 3 mths thanks to more upbeat US economic data & easing oil prices though gains could be tempered by caution over tonight's US payrolls & ongoing Mid-East tensions. Expect to see a bounce on the STI with resistance tipped at 3080, representing the 20-day moving average but investors are still generally cautious & may sell into strength.
Recent funds flow out of Spore back to the US, inflation in Asia & high oil prices amid the Mid-East crisis still remain key concerns. Noble (N21.SG) is in focus following its 306.5 million share private placement. Noble’s private placement of 306.5m shares at $2.07 could weigh a little on the stock today, with the placement representing a 5.1% share dilution while the price represents a 5% discount to last close. Support lies at $2.15.
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