The Singapore stock market wrapped up the week on a positive note. The Straits Times Index (SGX: ^STI) edged up by 0.1% to 3,861.42, buoyed by strong earnings from local companies and renewed investor confidence.
Singapore Stock Highlights of the Week
Singapore Exchange (SGX: S68) soars 10% to hit 17 year high
The Singapore Exchange Ltd emerged as a star performer this week. Its stock surged 10% to close at S$13.99 after reporting a 20.7% jump in net profit to S$340 million for the six months ended December. Strong demand for its cash equities and derivatives products played a key role in this impressive rally. Against a backdrop of strong earnings, SGX’s share price has been on a tear since last year.
F&N (SGX: F99) Rides High on Robust Q1 Results
F&N climbed 1.6% to S$1.29 after reporting a strong 18.8% jump in net profit to S$52 million for Q1 ending December 31, 2024. The food-and-beverage maker’s robust results reflect growing demand for its diversified portfolio and effective cost management.
ST Engineering (SGX: S63) Remains a Safe Bet
ST Engineering held steady amid market fluctuations. Closing at S$5.00 on February 7 with a gain of 3.52%, the company continues to secure consistent contract wins and maintain a strong reputation in defense and technology services. ST Engineering has been a consistent payer of dividends over the past decade and looks poised to continue doing well.
Frasers Logistics & Commercial Trust (SGX: NBUOU) Shows Steady Progress
Frasers Logistics & Commercial Trust (FLCT) reported a solid performance for the first quarter ended Dec 31, driven by positive rental reversions of 21.3% and an occupancy rate of 94.3%. The stock closed at S$0.885 (+0.57%), reflecting optimism in e-commerce growth and industrial demand in Australia. At this share price, FLCT’s units offer a trailing distribution yield of 7.7%. With 175,000 sq m of leasing activities secured, FLCT is well-positioned for long-term growth.
US Markets: Trade Tensions Drive Decline
US markets faced headwinds this week, largely due to escalating trade tensions and weaker economic data. The Dow Jones dropped 0.54% to 44,303.40, the S&P 500 dipped 0.24% to 6,025.99, and the Nasdaq fell 0.53% to 19,523.40.
Economic factors also played a role, with US job growth slowing to 143,000 non-farm payrolls in January and the unemployment rate steady at 4%. President Donald Trump’s warning of new tariffs further stoked trade tensions, adding uncertainty to the market outlook.
US Stock Highlights
- Elf Beauty (NYSE: ELF): Shares of Elf Beauty tumbled 19.6% after the company cut its annual sales and profit forecasts. The significant drop reflects investor concerns over competitive pressures and slowing demand for the cosmetics brand.
- Expedia (NASDAQ: EXPE): In contrast, Expedia surged 17.3%, thanks to strong Q4 earnings driven by robust travel demand and effective cost management, confirming the ongoing post-pandemic travel boom.
- Uber (NYSE: UBER): Uber gained 6.6% following news of Bill Ackman’s major stake in the company, sparking renewed interest in its global expansion and diversification strategy.
Europe Stock Highlights
European equities soared this week, with the Stoxx 600 closing at a record high of 544.84 points, up 1.17% on 6 February. Mining companies led the rally, buoyed by strong earnings and rising metal prices.
ArcelorMittal surged 13.3% following its optimistic demand forecast, while Swedish miner Boliden climbed 13% thanks to better-than-expected earnings. Copper producer Aurubis also gained 7.4% as rising base-metal prices boosted investor confidence.
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Disclosure: Joanna Sng owns shares of Singapore Exchange, ST Engineering, and Frasers Logistics and Commercial Trust.
