MARKET ROUNDUP (Source Bloomberg)
U.S. Stocks Erase Gains as Optimism on Jobless Data Fades; as optimism about a drop in jobless claims faded and a slump in Apple Inc. (AAPL) dragged down technology shares. The S&P 500 (SPX) has slipped 2.3 percent since reaching an almost five-year high of 1,465.77 on Sept. 14. The benchmark index is less than 1 percent higher than its 50-day moving average of 1,427.11. Apple, the world’s most valuable company, sank 2 percent to $628.10, erasing an earlier rally of as much as 1 percent and helping to reverse gains for technology companies as a group in the S&P 500. The iPhone maker is down 11 percent since reaching its all-time high of $702.10 on Sept. 19.
European Stocks Rise First Day in Four; Burberry Gains; as U.S. jobless claims fell to a four- year low and Burberry Group Plc (BRBY) led luxury-goods makers higher. The U.K.’s FTSE 100 added 0.9 percent, France’s CAC 40 gained 1.4 percent, while Germany’s DAX rose 1.1 percent.
Oil Gains a Second Day on Falling Jobless Claims, Mideast Unrest; after U.S. claims for jobless benefits dropped to the lowest level in four years and increased tension in the Middle East prompted concern crude supplies may be disrupted. Crude for November delivery climbed as much as 41 cents to $92.48 a barrel in electronic trading on the New York Mercantile Exchange and was at $92.29 at 10:30 a.m. Sydney time. The contract yesterday rose 82 cents to $92.07 a barrel. Prices are up 2.7 percent this week and down 6.6 percent this year.
CORPORATE NEWS
Top Glove Q4 earnings jump on stronger demand; earnings jumped 143% to RM63.51mil in the fourth quarter ended Aug 31, from RM26.03mil a year ago. Revenue rose 12% to RM607.23mil from RM541.83mil. Top Glove attributed the double-digit percentage increase in its revenue to an increase in demand for natural rubber and nitrile gloves from all the regions, and the positive results of its expansion and upgrading exercise to increase its production capacity and quality.
MISC: No gain or losses from stake sale; proposed disposal of its 50% equity interest in Gumusut-Kakap Semi-Floating Production System (L) Ltd (GKL) to E&P Venture Solutions Co Sdn Bhd, a unit of Petronas Carigali Sdn Bhd, will not result in any gain or loss to MISC. It said that this was because the stakes were sold at the cost of the company’s equity investment in GKL.
StarbIz
Alam Maritim unit secures RM69.2m deal; wholly-owned Alam Maritim (M) Sdn Bhd has secured a RM69.22 million contract from a local oil and gas company to supply a workboat. The contract is for one year with an option for another one year.
AMMB to run Kurnia and AmG under single licence; The plan will possibly see Kurnia surrender its insurance licence and operate under AmG's operating licence. AmG, which is 51 per cent-owned by AmBank Group and 49 per cent by Insurance Australia Group Ltd (IAG), bought Kurnia Insurans (M) Bhd for RM1.63 billion last month.
Btimes
Source:Jupiter Securities Research, 12 October 2012
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