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S’pore: Share buybacks jumped 150% on-year to $1 billion, says SGX

S’pore: Share buybacks jumped 150% on-year to $1 billion, says SGX
S’pore: Share buybacks jumped 150% on-year to $1 billion, says SGX

As many as 46 primary-listed firms reportedly bought back shares worth SGD 586 million ($410 million) in this year’s third quarter, according to Singapore Exchange (SGX)

The total buyback consideration in the nine months to September this year reached just above SGD 1.5 billion ($1 billion), which is nearly 150% higher than the same period last year at SGD 609 million ($426 million) in September 2021.

Although the quarter’s total consideration was lower than the previous quarter’s SGD 657 million ($459.7 million), it was more than the figure recorded in the July-September quarter of 2021, which was SGD 241 million ($168.6 million).

Buybacks in this quarter were conducted with an average share price of SGD 0.382 ($0.27).

July recorded the lowest monthly buyback consideration for primary-listed stocks year-on-year, while August saw the highest buyback since March 2020.

The Straits Times Index (STI) recorded a 0.9% price gain in the quarter, with total returns of 2.4% in dividends boost. Also, 41% of trading sessions logged STI annualized 30-day volatility of over 10%, which is a decline from 89% in the second quarter.

Wilmar International recorded the largest buyback consideration, having bought 34.6 million shares which amounted to SGD 140.5 million ($98 million), with the average price that the group paid per share being SGD 4.065 ($2.84).

Following the agribusiness were Keppel Corporation and OCBC, who bought back 19 million securities worth SGD 136.2 million ($95 million) and 8 million shares worth SGD 97.2 million ($68 million) respectively, with average prices per share of SGD 7.159 ($5) and SGD 12.148 ($8.50).

The top buyback consideration contributors among non-STI stocks include Yangzijiang Financial Holding, YF8, The Hour Glass, and AGS.

Yangzijiang Shipbuilding’s financial spin-off purchased 5.2% of its issued shares, except the treasury shares, with the average price of each share coming at SGD 0.382 ($0.27) by September end. Meanwhile, The Hour Glass purchased 14 million shares in the third quarter, with an average per share price of SGD 2.23 ($1.56).

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