Singapore shares rise to one-week high; Albedo, Sino Grandness jump

Reuters

Singapore shares rose on Wednesday to their highest in a week,with commodity firm Noble Group among the biggestgainers.

The benchmark Straits Times Index edged up 0.2percent to 3,152.6 points. MSCI's broadest index of Asia-Pacificshares outside Japan fell 0.3 percent.

Noble jumped as much as 2.1 percent to S$0.975. Aroud 29million shares were traded, about 1.2 times the average full-dayvolume over the past 30 days.

Shares of steel trader and manufacturer company Albedo Ltd surged as much as 19 percent to S$0.050, the highestsince Oct. 3. Nearly 300 million shares were traded, making itthe second-highest traded stock by volume on Wednesday.

Albedo announced last month a S$774 million ($621 million)reverse takeover deal with Infinite Rewards, a companycontrolled by Malaysian businessman Danny Tan. Executives fromInfinite Rewards stressed their commitment to seeing the deal gothrough, local media reported on Wednesday.

Shares of Sino Grandness Food Industry Group Ltd jumped as much as 8 percent to S$0.74. Maybank Kim Eng said thecompany has been launching new products, as well as expandingits distribution network and capacity.

The broker added that the stock is undervalued and morevalue could be unlocked through the planned initial publicoffering of its beverage unit, Garden Fresh. Maybank has a 'buy'rating and a target price of S$0.94 on the stock.

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