Singapore Airlines (SIA) have taken off on a large scale for two days with large volume and some significant movements

The stock rose 177 percent on Monday at 9:15 a.m. before sliding back to end Day 3, a 86 percent lead at $ 458 on trading of 46 million

Most of the volume came from large stores, each valued at over 150$ 000 Almost a hundred such large deals were done before 11 a.m., ShareInvestor noted

The counter began rising on Tuesday in the midst of active trading, rising 84 percent to 341 million shares – nearly seven times the average daily turnover of around five million shares for the past three months

The last time it closed above these levels was on May 5th May, the last day of cum-rights trading prior to SIA’s $ 8.8 billion cash call, including a rights issue of shares and a 10-year mandatory convertible bond (MCB)

The fall in SIA shares on Monday following the last-minute postponement of the air travel bubble between Singapore and Hong Kong was less severe than the fall of Hong Kong counterpart Cathay Pacific Airways

The air travel bubble was paused less than 24 hours before the scheduled start on Sunday

The Singapore and Hong Kong governments will announce when flights will resume early next month

CGS-CIMB noted Monday that the travel bubble suspension, while disappointing, is likely to be part of a “series of stops and starts on the arduous road to recovery”

Investors also expressed optimism about the upcoming Covid-19 vaccine rollout, pushing SIA stock to outperform the Straits Times Index by 5.3 percent last month, CGS-CIMB analyst Raymond Yap said on Monday / p>

Repeating his “add” call for SIA and target price of $ 457, he said that “patient investors with a one-year horizon should be able to reap the benefits of the upcoming Covid-19 vaccinations” CGS -CIMB recommended that investors buy at dips

Separately, SIA announced Tuesday night that $ 500 million worth of $ 3, 5 percent, 10-year notes, will be released on Jan. Issued December The offering, which started with an initial size of $ 300 million, was expanded after “a select group of private investors had a strong appetite”

With the $ 500 million bills, SIA has raised approximately $ 12 billion since the beginning of fiscal 2021 which includes $ 8 billion from the rights issue and MCB, $ 2 billion from secured funding, $ 850 million -Dollars from a five-year convertible bond announced two weeks ago and more than $ 500 million from new committed credit lines and a short-term unsecured loan

The SIA share fell on Jan. July to its lowest level in more than two decades after the airline posted its biggest quarterly loss as demand for travel eased due to the coronavirus pandemic

SPH Digital News / Copyright © 2020 Singapore Press Holdings Ltd Co Regn No 198402868E All rights reserved

We are having some problems signing up for subscribers and we apologize for the inconvenience caused. Until we have resolved the issues, subscribers do not need to sign in to access ST Digital articles. However, our PDFs still require a login

SIA

World news – AU – SIA shares rise to high volume in 2 days

Source: https://www.straitstimes.com/business/companies-markets/sia-shares-soar-on-heavy-volumes-in-2-days