MarketWrap: The Nasdaq Composite hit a record high on Tuesday, while the Dow and S&P 500 brushed against recent peaks as strong earnings underscored the health of corporate America. The DJIA rose 232.23 points, or 1.12%, to 20,996.12, the S&P 500 gained 14.46 points, or 0.61%, to 2,388.61 and the Nasdaq added 41.67 points, or 0.7%, to 6,025.49. - Reuters
Energy
Oil prices settled slightly higher on Tuesday in volatile trading, then were mixed after hours when an industry group's preliminary report showed a surprise build in US crude inventories. Brent crude settled up 50 cents at US$52.10 a barrel. - Reuters
Forex summary
*The ringgit gained 0.26% to 4.3602 versus the US$
*It lost 0.21% to 4.7694 versus euro
*Down 0.03% to 5.5981 per pound sterling
*Up 0.23% to 3.1306 per Singapore dollar
*Up 0.57% to 3.2733 per Aussie
*0.40% higher to 3.9195 per 100 yen
Top foreign stories
HSBC wins mandate on US$100b Saudi Aramco IPO: HSBC Holdings Plc has been formally mandated as an adviser on the initial public offering of Saudi Arabia's national oil giant Aramco, expected to be the world's largest ever IPO, HSBC's chief executive said on Monday. Europe's biggest bank joins peers including JPMorgan Chase & Co and Morgan Stanley on the deal, which is expected to raise some US$100 billion. - Reuters
Alibaba's Ma champions UN e-commerce drive for development: Alibaba Executive Chairman Jack Ma said on Tuesday the Internet should be a utility available to the whole world, putting his weight behind a UN call for e-commerce to boost developing economies and help fight poverty. - Reuters
Wells Fargo board gets black eye in shareholder vote: Wells Fargo & Co shareholders showed displeasure with the scandal-hit bank's board on Tuesday, offering scant support for a dozen directors, including chairman Stephen Sanger, in a vote capping a contentious annual meeting. Only three directors received more than 90% support from voting shareholders, a benchmark cited by Sanger as what would be the outcome of a normal vote. He received just 56% approval. - Reuters
McDonald's profit beats as turnaround gains steam: McDonald's Corp reported a better-than-expected rise in quarterly profit to US$1.21 billion and on lower costs, all-day breakfast, US$1 drinks and promotions on its popular Big Macs, signalling the company's plan to keep customers coming back to its restaurants has gained traction. - Reuters
Netflix clinches licensing deal with China's iQiyi.com: Netflix is to introduce original content in China in a licensing deal with local video streaming service iQiyi.com, the US company said on Tuesday. - Reuters
Top local stories
Takeover of Icon on hold: UMW Oil & Gas Corp Bhd’s (UMW-OG) proposed takeover of Icon Offshore Bhd and Orkim Sdn Bhd is on hold.
Sources say the proponents of the deal are unsure if shareholders’ approval can be obtained to see through the multi-billion ringgit deal that is said to be backed by UMW-OG’s major shareholder Permodalan Nasional Bhd (PNB) and Ekuiti Nasional Bhd (Ekuinas), which owns major stakes in both Icon and Orkim. - StarBiz
Chip companies post strong quarterly earnings: Unisem (M) Bhd and Globetronics Technology Bhd have registered strong growth in the first quarter ended March 31 on strong demand for their products from overseas. Unisem’s net profit expanded 29.4% to RM44.9mil on better profit margins, higher interest income and lower interest expense, while revenue increased 13.4% to RM360.25mil. Globetronics reported a higher net profit of RM4.67mil largely due to lower foreign-exchange losses on a revenue of RM49.8mil. - StarBiz
Miti revises upward target for total trade this year: The International Trade and Industry Ministry (Miti) is aiming to achieve a 5% increase in total trade in 2017, up from an earlier 2.7% growth projection in February.International Trade and Industry Minister Datuk Seri Mustapa Mohamed said trade rose 20% in the first two months this year. - StarBiz
Advancecon postpones prospectus launch: Main Market-bound Advancecon Holdings Bhd has postponed the launch of the prospectus for its initial public offering (IPO) because of outstanding queries from the Securities Commission (SC). The company did not give a new date for the launch. - StarBiz
.
Aeon Credit profit up on stronger revenue and other income: Aeon Credit Service (M) Bhd posted a 17.5% higher net profit of RM80.05mil for the fourth quarter on stronger revenue and other operating incomes. The non-bank lender’s revenue rose 12.6% to RM290.84mil. - StarBiz
Westports sees marginal volume growth for due to new alliances: Westports Holdings Bhd expects a marginal volume growth this year due to the recalibration of the number of containers going through the Straits of Malacca as a result of new shipping alliances, says chief executive officer Ruben Emir Gnanalingam. - StarBiz
Allianz calls off talks to buy HSBC Amanah Takaful: Allianz Malaysia Bhd has discontinued talks with HSBC Insurance (Asia Pacific) Holdings Ltd, JAB Capital Bhd and the Employees Provident Fund to buy a 100% stake in HSBC Amanah Takaful (Malaysia) Bhd. - StarBiz
Fajarbaru project in Melbourne almost sold out: Fajarbaru Builder Group Bhd and its Australian partner Beulah International said their property development in Melbourne is almost sold out. Paragon has seen 90% of its apartments snapped up during the start of the pre-launch campaign over the weekend. - StarBiz
Higher earnings for Nestle on domestic, export sales: Nestle (M) Bhd reported a 4.4% rise in net profit to RM230.43mil for the first quarter boosted by domestic and export sales. Revenue increased to RM1.37bil from RM1.33bil a year earlier. Earnings per share (EPS) were 98.26 sen versus 94.11 sen previously. - StarBiz
Malaysia’s CPO export value up 37% in first quarter on higher prices: The value of Malaysia’s crude palm oil (CPO) exports rose by RM3.31bil or 37% year-on-year in the first quarter of 2017. Plantation Industries and Commodities Minister Datuk Seri Mah Siew Keong said the increase was due to higher palm oil price, despite the volume of export being almost flat. - StarBiz
Mercury Securities tells Halex minorities to reject offer: Mercury Securities Sdn Bhd, the independent adviser to Halex Holdings Bhd’s minority shareholders, has told them to reject the takeover offer from Waras Dinamik Sdn Bhd at 64 sen a share. It said the offer was “not reasonable” as Halex shares were relatively liquid and would remain traded on the Main Market of Bursa Securities.
I-Bhd to launch more high-rise residential projects: I-Bhd
plans to launch more high-rise residential developments within i-City later this year. The company will launch Hill10 Residence @ i-City apartment suites, comprising 200 units, on June 10. - StarBiz
Limited time offer:
Just RM5 per month.
