SINGAPORE, March 11 (Reuters) - The benchmark Straits Times Index was 0.16 percent higher as of 0225 GMT on Thursday.
The following stocks were on the move:
** TIGER AIRWAYS SOARS ON STRONG FEBRUARY DATA
Shares of budget carrier Tiger Airways soared as much as 4.7 percent to S$1.78, the highest price since the firm's listing in January, after the airline reported a 90 percent rise in its February passenger volume from a year ago.
Tiger Airways had a total passenger volume of 437,000 in February, partly due to higher flight frequency, driving its load factor to 85 percent from 79 percent in the previous year.
DBS initiated coverage of the firm with a 'buy' rating and a target price of S$2.10, saying it believes that Tiger Airways has the potential to exponentially grow its business over the long-term.
'We believe management is focused on differentiating the airline by delivering the lowest cost base and thereby, taking on the trend of falling passenger fares better than competitors,' said Paul Yong, a analyst for the bank.
Around 0225 GMT, Tiger Airways was up 2.9 percent at S$1.75 with over 5 million shares changing hand.
(Reporting by Fabian Ng; Editing by Kim Coghill)
((fabian.ng@thomsonreuters.com; +65 6403 5666; Reuters Messaging: fabian.ng@thomsonreuters.com)) ASIA-PACIFIC STOCK MARKETS: Japan S.Korea China Hong Kong Taiwan SE Asia Australia/NZ India OTHER MARKETS: Wall Street Gold Currency Eurostocks Oil JP bonds ADR Report LME metals US bonds STOCKS NEWS US, Europe, Asia: DIARIES & DATA: IPO diary & data U.S. earnings diary Singapore diary Eurostocks Week Ahead Asia earnings diary European diary Wall Street Week Ahead TOP NEWS: Asian companies U.S. company news European companies Forex news Global Economy Technology Telecoms Media news Banking news General/political Asia Macro A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt (Local currency) LME price overview Keywords: SINGAPORE MARKET STOCKS/TIGER AIRWAYS (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)) * 3000 Xtra : visit http://topnews.session.rservices.com For more information on Top News, please visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The following stocks were on the move:
** TIGER AIRWAYS SOARS ON STRONG FEBRUARY DATA
Shares of budget carrier Tiger Airways soared as much as 4.7 percent to S$1.78, the highest price since the firm's listing in January, after the airline reported a 90 percent rise in its February passenger volume from a year ago.
Tiger Airways had a total passenger volume of 437,000 in February, partly due to higher flight frequency, driving its load factor to 85 percent from 79 percent in the previous year.
DBS initiated coverage of the firm with a 'buy' rating and a target price of S$2.10, saying it believes that Tiger Airways has the potential to exponentially grow its business over the long-term.
'We believe management is focused on differentiating the airline by delivering the lowest cost base and thereby, taking on the trend of falling passenger fares better than competitors,' said Paul Yong, a analyst for the bank.
Around 0225 GMT, Tiger Airways was up 2.9 percent at S$1.75 with over 5 million shares changing hand.
(Reporting by Fabian Ng; Editing by Kim Coghill)
((fabian.ng@thomsonreuters.com; +65 6403 5666; Reuters Messaging: fabian.ng@thomsonreuters.com)) ASIA-PACIFIC STOCK MARKETS: Japan S.Korea China Hong Kong Taiwan SE Asia Australia/NZ India OTHER MARKETS: Wall Street Gold Currency Eurostocks Oil JP bonds ADR Report LME metals US bonds STOCKS NEWS US, Europe, Asia: DIARIES & DATA: IPO diary & data U.S. earnings diary Singapore diary Eurostocks Week Ahead Asia earnings diary European diary Wall Street Week Ahead TOP NEWS: Asian companies U.S. company news European companies Forex news Global Economy Technology Telecoms Media news Banking news General/political Asia Macro A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt (Local currency) LME price overview Keywords: SINGAPORE MARKET STOCKS/TIGER AIRWAYS (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)) * 3000 Xtra : visit http://topnews.session.rservices.com For more information on Top News, please visit http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.