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STOCKS NEWS SINGAPORE-CNMC surges as gold production boost eyed
January 4, 2013 / 3:31 AM / 5 years ago

STOCKS NEWS SINGAPORE-CNMC surges as gold production boost eyed

Shares of CNMC Goldmine Holdings Ltd surged to their highest since April last year after the company said it had produced 740.82 ounces of gold dore bars from a new facility in Malaysia and expects a boost in production volumes.

CNMC shares jumped as much as 69 percent to S$0.525 on Friday. Nearly 45 million shares were traded, 47 times the average full-day volume over the past 30 days. CNMC was the second-highest traded stock by value in Singapore.

CNMC explores and mines for gold, in addition to processing mined ore into gold dores. The Singapore-based company develops the Sokor Gold Field Project in the Malaysian state of Kelantan.

Gold dore bars are a semi-pure alloy of gold and silver that may need to be refined further. CNMC’s dore bars have 80-92 percent of fine gold, according to a company spokesman.

The new facility started operation after the company received approval from the Malaysian authorities and is expected to contribute to a ramp-up in gold production and increase the group’s revenue, CNMC said in a statement.

1116 (0316 GMT)

(Reporting by Eveline Danubrata in Singapore; Editing by Anupama Dwivedi;


10:18 STOCKS NEWS SINGAPORE-OCBC raises OSIM target, keeps ‘buy’

OCBC Investment Research raised its target price on massage chair maker OSIM International Ltd to S$2.14 from S$1.87 and maintained ‘buy’, citing China’s recovering economy, innovative products and attractive valuation versus its peers.

OSIM shares were down 0.3 percent at S$1.78 on Friday. The stock surged 50 percent last year, beating the 32 percent gain in the FT ST Midcap Index.

“We believe that OSIM International would be a key beneficiary of a recovery in the economic conditions in China, which is its largest market,” OCBC said.

OSIM plans to launch two new massage chair models and has embarked on a nationwide advertising campaign in China, OCBC said, adding that these initiatives, coupled with a focus on improving productivity, will help drive sales and profitability in 2013 fiscal year.

1012 (0212 GMT)

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