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Singapore stocks end up 0.51 pct

Xinhua, June 3, 2016 Adjust font size:

Singapore shares closed 0.51 percent higher on Friday, as investors waited for U.S. payrolls data that could shed more lights on the timing of Federal Reserve's interest rate hike.

Market in average expect U.S. employment data due later Friday to show a non-farm payroll increase of about 164,000 and 0.2 percent rise in average wage earnings in May. The data will be followed by a speech from Federal Reserve Chair Janet Yellen on Monday, the last chance for the Federal Reserve to communicate with markets before it begins a blackout period ahead of its policy meeting on June 14 to 15.

Meanwhile, the European Central Bank predicted on Thursday consumer price growth of the continent would remain below target through 2018 as it struggles with cheap energy feeding into the price of other goods and services.

Oil prices were steady after Saudi Arabia's new oil minister promised not to flood the market and sought to mend fences within the Organization of the Petroleum Exporting Countries on Thursday meeting. But the organization failed to agree a clear oil-output strategy as Iran insisted on steeply raising its own production.

Singapore's benchmark Straits Times Index rose 14.14 points to 2,809.23 points. Trading volume was 962 million shares worth 741 million Singapore dollars. Advancers outnumbered decliners 202 to 171, while 536 stocks did not move.

Among top actives, Noble Group plunged 13.3 percent to 26 Singapore cents. The commodity trader said it is raising 500 million U.S. dollars in a fully underwritten rights issue to form part of the company's ongoing and prudent balance sheet management and further enhance the financial flexibility of the group.

The rights issue will be supported by Noble's chairman and biggest shareholder Richard Elman and China Investment Corporation (CIC), an existing investor.

Separately, Noble also announced Elman will step down from Chairman position within 12 months. CIC will be getting another non-executive position on the board after the rights issue.

Among top gainers, Jardine Cycle and Carriage rose 1 percent to 33.30 Singapore dollars, while Jardine Matheson became one of the top losers by falling 1.6 percent to 54.95 U.S. dollars. (1 U.S. dollar equals to 1.38 Singapore dollars) Endit