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Roundup: Singapore stocks end up 0.24 pct

Xinhua, July 7, 2015 Adjust font size:

Singapore shares closed 0.24 percent higher on Tuesday, as investors shrugged off the uncertainty in eurozone and bought some shares in the local bourse.

European and U.S. stocks fell on Monday after Greeks voted overwhelmingly to reject more austerity. However, Greece's combative finance minister, Yanis Varoufakis, resigned on Monday soon after the referendum, apparently under pressure from other eurozone finance ministers who did not want him as a negotiating partner. Investors are now holding out hope that Greece will manage to strike a deal with its creditors and prevent an exit from the eurozone.

Singapore's benchmark Straits Times Index rose 7.99 points to 3, 340.93 points. Trading volume was 1.19 billion shares worth 989 million Singapore dollars. Decliners outnumbered advancers 238 to 183, while 542 stocks did not move.

Among top actives, Noble Group closed flat at 71.5 Singapore cents. The commodities trader announced it had hired PricewaterhouseCoopers to conduct an enquiry into its mark-to- market process, a core component of the issue its critics have with Noble. Noble is accused of over-estimating the value of its contracts with associate and partner companies. It has denied wrongdoing.

Ezion Holdings dropped 1.5 percent to 1.01 Singapore dollars. It has proposed to acquire 30 percent stake in Rotating Offshore Solutions Private Limited (ROS), a Singapore-based marine engineering solution provider specialized in the oil and gas production related segment. It will subscribe 321,429 shares in ROS for an aggregate consideration of 18 million Singapore dollars.

In return, Ezion will issue 17.5 million new shares to ROS at 1. 0287 Singapore dollars per share. ROS' business will create synergies to better support Ezion's customers on their production support related activities in the offshore oil and gas industry.

Among the top gainers, Singapore Exchange Limited rose 2.4 percent to 8.16 Singapore dollars, whereas Jardine Cycle and Carriage became one of the top losers by falling 2.2 percent to 29. 88 Singapore dollars. (1 U.S. dollar equals to 0.895 euros and 1. 36 Singapore dollars) Endi