(Aug 28): Local equities suffered losses for four consecutive sessions in the past week, with the benchmark Straits Times Index falling 0.95% between Aug 15 and 22. Our Singapore Market Portfolio also declined in value — by 0.6% — led by a 2.2% fall in the shares of high-tech equipment maker Venture Corp, a 2% decline each for Singapore Exchange and lubricant maker AP Oil International and a 1.8% drop in the shares of property developer CapitaLand.

Those losses were mitigated by a 7.7% gain in the shares of coal miner Golden Energy and Resources. Investors may be reacting to a rosy earnings report, released earlier this month. For the three months to June, the coal miner turned in earnings of US$11.8 million ($16.1 million), compared with losses of US$1.2 million in the same period a year ago. Revenue rose 55% to US$139.6 million in 2Q, owing mainly to a 57.6% increase in revenue from its coal mining division to US$124 million. The company attributed the improved performance to better sales and a higher selling price. The average selling price for the period rose to US$42.58 a tonne from US$31.56 a tonne a year ago.

GEAR also announced its first ever dividend of 0.8 cent, translating into an annualised yield of 4%. The dividend will be paid out on Sept 4.

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