SG Morning Highlights | Wage Growth in 2023 to Stay Robust Even as Slowing Economy Cuts Labour Demand
Good morning mooers! Here are things you need to know about today's Singapore:
●Singapore shares opened higher on Thursday; STI up 0.31%
●Wage growth in 2023 to stay robust even as slowing economy cuts labour demand
●Stocks to watch: Del Monte, Revez
●Latest share buy back transactions
-moomoo News SG
Market Trend
Singapore shares opened higher on Thursday. The $FTSE Singapore Straits Time Index (.STI.SG)$ gained 0.31 per cent to 3,235.30 as at 9.11am.
Advancers / Decliners is 79 to 49, with 76 million securities worth S$75.02 million changing hands.
Breaking News
As COVID-19 restrictions eased in 2022, Singapore's labour market moved towards pre-pandemic normalcy. Manpower demand rose in consumer-facing industries, while the return of foreign labour relieved shortages. Total employment surpassed pre-Covid levels in the third quarter, and unemployment rates have also recovered.
In contrast, slowing economic growth in 2023 is expected to reduce labour demand – yet upward pressures on wages remain.
Challenges ahead for Manulife US Reit as it mulls divestment, diversification
POTENTIAL recommendations from the ongoing strategic review for $ManulifeReit USD (BTOU.SG)$ include the divestment of underperforming assets as well as diversification into new asset classes and geographies.
But market watchers say implementing the recommendations may not be as straightforward as it seems.
At a briefing accompanying its operational updates for the third quarter ended September, the manager of Manulife US Reit had announced that it had formed a strategic working group to assess "opportunities" amid persistent headwinds in the US office sector.
$GameStop (GME.US)$ posted a 9.4 per cent fall in quarterly revenue on Wednesday (Dec 7) as consumers cut back spending on discretionary items amid stubbornly high inflation.
The company launched a digital wallet earlier this year to enable transactions in a marketplace it is building for gamers and others to buy, sell and trade non-fungible tokens, or NFTs.
GameStop's revenue in the third quarter fell to US$1.19 billion from US$1.30 billion a year earlier.
The company reported a net loss of US$94.7 million, or 31 US cents per share, in the quarter that ended Oct 29, compared with a loss of US$105.4 million, or 35 US cents per share, a year earlier.
Stocks to Watch
$Del Monte Pac (D03.SG)$ on Wednesday (Dec 7) posted a net profit of US$49.5 million for the second quarter ended Oct 31, up 38 per cent from a year ago.
The increase was driven by a notable rise in gross margin for its US subsidiary, Del Monte Foods Inc (DMFI), the group said in a filing on the Singapore bourse. DMFI's gross margin went up from 24.9 per cent to 28 per cent, as a result of selected price increases in line with inflation, reduced sales of low-margin products, and expense reduction initiatives, Del Monte Pacific said.
$Assurance HC (RCU.SG)$ has received a mandatory offer for all its shares from investors Lim Quee Lan and Tan Swee Kim Bernard, the Catalist-listed digital services company said in a bourse filing on Wednesday (Dec 7).
The duo have acquired a 58.6 per cent stake from L3N Capital, Revez's chief executive officer Victor Neo, chief operating officer Lim Kian Sing and Liang Xingfen, the wife of Revez's chief creative technology officer Lee Han Chong.
The offer was made at S$0.0306 per share. This is 66 per cent below the last-transacted price of S$0.09 per share.
Latest Share Buy Back Transactions
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