MARKET ROUNDUP (Source Bloomberg)
U.S. Stocks Post Longest Slump In 1 Month On Europe Woes: after a jump in Spanish bond yields above 7 percent intensified concern about Europe’s crisis and as investors awaited Alcoa Inc.’s results. The Standard & Poor’s 500 Index
slid 0.2 percent to 1,352.46. The measure dropped 1.6 percent in three days for the longest slump since June 1.The Dow Jones Industrial Average lost 36.18 points, or 0.3 percent, to 12,736.29. Volume for exchange-listed stocks in the U.S. was 5.1 billion shares, 24 percent below the three-month average.
European Stocks Fall For Fourth Day; Metro Leads Losses: as Japanese machinery orders tumbled the most in a decade and Spanish bonds dropped before euro-area finance ministers meet in Brussels. Germany’s DAX and France’s CAC 40
declined 0.4 percent each. The U.K.’s FTSE 100 lost 0.6 percent.
Oil Declines From Two-Day High As Norway Orders End To Strike: by energy workers that had threatened to halt production by western Europe’s largest crude exporter. Oil for August delivery fell as much as 87 cents to $85.12 a barrel in
electronic trading on the New York Mercantile Exchange and was at $85.21 at 9:09 a.m. Sydney time. The contract climbed 1.8 percent yesterday to $85.99, the highest close since July 5. Prices are 14 percent lower this year.
CORPORATE NEWS
Coastal bags RM446m orders for supply of vessels: The latest contracts will be the largest vessel sales orders for Coastal Group since February 2011. Coastal said all the vessels are expected to be delivered this year and the next. The revenue stream from these vessels is expected to contribute positively to the company for the financial years ending Dec 31, 2012 and 2013.
SunBiz
MMC to take AIRB private: MMC Corp Bhd plans to take Johor's top water concessionaire, Aliran Ihsan Resources Bhd (AIRB), private in a deal valued at RM181.12 million, or RM1.84 a share. AIRB, which is 62.82 per cent-controlled by MMC, is the third largest supplier of treated water in the country.
Iris to buy stake in Oil Field Services: via its wholly-owned unit, Iris Eco Power Sdn Bhd, has agreed to buy 2.55 million shares, or 51 per cent, stake in Oil Field Services Ltd for US$3.5 million (RM11.17 million). Iris Eco Power has signed a heads of agreement with Durairaj Raja, an Indian national, who is a registered owner of 2.55 million Oil Field Services shares.
Btimes
Source:Jupiter Securities Research 10 July 2012
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