Trading ideas: Pharmaniaga, Tenaga Nasional, Propel Global, HeiTech Padu, Signature International and AWC

KUALA LUMPUR: Companies that were in yesterday's headlines include Pharmaniaga, Tenaga Nasional, Propel Global, HeiTech Padu, Signature International and AWC, said Apex Research.

Pharmaniaga Bhd's appeal for a standalone second private placement of some RM50 million has been dismissed by Bursa Malaysia.

Tenaga Nasional Bhd’s indirect 70%-owned subsidiary has been allowed by the High Court to proceed with its judicial review to challenge additional tax assessments from the IRB amounting to RM78.49 million.

Propel Global Bhd is selling its entire 55% equity interest in Propel Chemicals Sdn Bhd to Hextar Global Bhd for RM16.5 million cash.

Heitech Padu Bhd has bagged a RM40.93 million contract from the Ministry of Education (MOE).

Signature International Bhd has disposed of 28 million shares of property developer Tanco Holdings Bhd, equivalent to a 1.42% stake, for a total of RM15.53 million.

AWC Bhd announced it is buying the remaining 49% stake it does not own in automated waste collection system provider Stream Group Sdn Bhd, for RM110 million.

Meanwhile, the US stock market surged overnight after core August PPI was within expectation. Earlier, European stocks rose after the European Central Bank hiked interest rates by 25 bps to a record 4%.

On the domestic front, the FBM KLCI dropped 3.96 points or 0.27% to 1449.58 points.

The FBM KLCI may continue to trade sideways and remain below the resistance level of 1,465 points, which has been a barrier for the index since July.

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