Market Snapshot
Singapore stocks opened higher on Monday. STI rose 0.6%; Wilmar and ST Engineering rose 2%; YZJ Shipbldg and Singtel rose 1%; DBS rose 0.5%; NIO fell 5%.
Stocks in Focus
Singapore Exchange (SGX): Mercuria Energy Group is suing SGX subsidiary The Baltic Exchange, where rates are set for tankers and massive bulk carriers handling global commodity trade, according to a Bloomberg report. The suit is over hundreds of millions in alleged losses due to distortions in a key benchmark for the cost of shipping oil from the Middle East. Separately, the Monetary Authority of Singapore and SGX RegCo jointly announced on Thursday that the anticipated SGX-Nasdaq dual-listing bridge is set to launch in mid-2026. SGX shares ended Thursday 1.9 per cent or S$0.41 higher at S$21.70.
Nio: The Chinese electric vehicle maker delivered 29,356 vehicles in April 2026, a 22.8 per cent year-on-year increase. The group on Friday said that April’s tally brings its year-to-date deliveries to 112,821 vehicles, up 71 per cent from the year-ago period, but marks a pullback from the 35,486 units delivered in March. Nio’s shares closed 5 per cent or US$0.33 lower at US$6.30 on SGX on Thursday.
Mapletree Logistics Trust (MLT): Its distribution per unit (DPU) for the fourth quarter ended March fell 7 per cent on the year to S$0.01819, said the manager on Thursday. Total DPU for FY2026 declined 9.8 per cent to S$0.07262, with Q4’s distribution to be paid on Jun 23. The declines came amid an absence of contributions from divested properties and weaker regional currencies. Units of MLT ended 0.8 per cent or S$0.01 lower at S$1.22 before the release of the results.
Parkway Life Real Estate Investment Trust (Parkway Life Reit): Its first-quarter DPU rose 15.1 per cent on the year to S$0.0442 from S$0.0384, amid greater rental contributions from Singapore hospitals. Distributable income climbed 15.1 per cent to S$28.8 million from S$25 million, while revenue fell 2.1 per cent to S$38.2 million, said the manager on Thursday. Units of Parkway Life Reit closed at S$4.02 on Thursday, lower by 1 per cent or S$0.04.
Vin’s Holdings: The automotive group is investigating payments made to an entity controlled by a former key executive, where about S$44,300 was found to have been paid to the entity for supposed services rendered to the group. In response to SGX queries, the Catalist-listed group on Thursday said that irregular transactions occurred during the tenure of its former group financial controller Koit Ven Jee, also known as Jamie. Shares of Vin’s Holdings ended down S$0.005 or 1.9 per cent at S$0.255 before the announcement.
SG Local News
New Zealand PM Christopher Luxon Makes Official Visit to Singapore
New Zealand Prime Minister Christopher Luxon will make an official visit to Singapore from May 3 to May 5, said the Ministry of Foreign Affairs (MFA) on Sunday (May 3).
Singapore Prime Minister Lawrence Wong and Mr Luxon will hold the inaugural Annual Leaders’ Meeting on Monday, said MFA in its statement.
This trip will be Mr Luxon’s second official visit to Singapore and will build on the New Zealand-Singapore Comprehensive Strategic Partnership, which was launched in October 2025, when Mr Wong visited New Zealand to commemorate 60 years of bilateral relations.
SGX-Owned Baltic Exchange Sued over Alleged Losses Due to Oil Tanker Pricing
A LEGAL claim from one of the world’s largest oil traders is throwing a spotlight on an arcane but critical corner of global finance – the multibillion-dollar freight market and the 282-year-old City of London institution that sits at the heart of it.
Mercuria Energy Group is suing the Baltic Exchange, Bloomberg reported on Thursday (Apr 30), alleging that it has suffered losses in the hundreds of millions of dollars as a result of distortions in a key benchmark for the cost of shipping oil from the Middle East to China.
The case is the latest example of how oil traders and shippers are struggling to adjust to the disruption wrought by the near-closure of the Strait of Hormuz, with executives and lawyers already predicting a slew of legal disputes.
CICT’s Tan Choon Siang Marks First Year with Billion-Dollar Deal Streak
Since taking the reins a year ago, Tan Choon Siang, chief executive of CapitaLand Integrated Commercial Trust’s : C38U -1.26% (CICT) manager, has kept the real estate investment trust (Reit) firmly in motion, stepping up its capital recycling game with a string of mega deals as it reshapes its portfolio.
Its latest moves – the S$3.9 billion acquisition of Paragon and divestment of Asia Square Tower 2 for S$2.5 billion – come on the heels of last year’s CapitaSpring deal and its ION Orchard acquisition in 2024. CICT purchased the remaining 55 per cent interest in the Grade A office building for S$1 billion, and the 50 per cent stake in ION Orchard and ION Orchard Link at S$1.85 billion.
Over the past year, CICT units have risen about 10 per cent to S$2.36 as at market close last Thursday (Apr 30). The largest Reit in Asia-Pacific markets, its market capitalisation now stands at around S$18 billion. Distribution per unit (DPU) in FY2025 was up 6.4 per cent at S$0.1158, from S$0.1088 the previous year.
