Top Sector Gainers
|Oil & Gas Production||+6.80%||Oil Forges Higher as Traders Expect OPEC+ to Deliver Supply Cut|
Conocophillips (COP US)
|Integrated Oil||+6.29%||Oil jumps about $4 as OPEC+ weighs biggest output cut since 2020|
Exxon Mobil Corp (XOM US)
|Steel||+5.32%||BHP lifts steel consumption forecast on surging demand from renewable power farms|
BHP Group Ltd (BHP US)
Top Sector Losers
|Motor Vehicles||-3.93%||Tesla shares dip more than 8% after third-quarter deliveries report|
Tesla Inc (TSLA US)
- Tesla Inc (TSLA US) dropped 8.6% after the electric vehicle maker said it delivered 343,000 vehicles in the third quarter, less than analysts expected. However, Wall Street analysts were divided over the report.
- InterDigital Inc (IDCC US) rallied 18.3% after the research and development company raised its guidance for third-quarter 2022 total revenue a range of $112 million to $115 million, up from $96 million to $100 million.
- Viasat Inc (VSAT US) jumped 26.9% on Monday after striking a deal with L3Harris to sell its tactical data links business. The deal is for just under $2 billion, the companies announced. Viasat said it would use the cash to reduce its leverage and increase liquidity.
- Myovant Sciences Ltd (MYOV US) jumped 36.1% after it rejected a bid by Sumitovant Biopharma, its largest shareholder, to buy the shares it doesn’t already own for $22.75 per share. Myovant, which said the offer significantly undervalues the company, said it is open to considering any improved proposal.
- LogicBio Therapeutics Inc (LOGC US) skyrocketed 637.6% after it announced it was being acquired by AstraZeneca for $2.07 per share. That price tag is a whopping 666% increase from LogicBio’s closing price of 27 cents per share on Friday.
- Golden Energy & Resources Ltd (GER SP) fell 3.8% yesterday. This was due to some profit-taking movements. There was no company-specific news.
- Geo Energy Resources Ltd (GERL SP) rose 2.7% yesterday. Indonesia has set its October coal benchmark price at a record high of $330.97 per tonne, as demand from Europe rises, its energy ministry said on Monday. The monthly benchmark price in Indonesia, the world’s biggest thermal coal exporter, rose from $319.22 per tonne in September. Coal buyers all over Asia, and some from Europe, joined an industry conference on Indonesia’s Bali island late in September to hunt for any coal supply they can secure ahead of winter. Global supply shortages and growing energy security concerns have driven an unprecedented rebound in coal demand.
- Frencken Group Ltd (FRKN SP) and Nanofilm Technologies International Ltd (NANO SP) tumbled 7.2% and 3.3% yesterday respectively. Singapore stocks fell after Wall Street stocks ended lower on Friday. The Dow Jones Industrial Average shed 1.7 percent to close at 28,75.51, while the tech-rich Nasdaq Composite Index dropped 1.5 percent to 10,575.61.
- Wilmar International Ltd (WIL SP) dropped 3.4% yesterday. Concerns about demand worsening due to a global economic slowdown amid high inflation, rising interest rates and recession fears, are temporary as China can be expected to gradually relax its zero-COVID policy that has hindered palm oil consumption and demand, Malaysia’s Commodities Minister Zuraida Kamaruddin said on Monday.
The Hong Kong market is closed today in observance of a public holiday, Double Ninth Festival. The market will reopen on 5 September, Wednesday.
Trading Dashboard Update: No stock additions/deletions.