MarketWrap: US stocks plowed further into positive territory for 2016 on Wednesday, helped for a second session by comments from Federal Reserve chair Janet Yellen that eased anxiety about potential interest rate hikes. - Reuters
The DJIA added 0.47% at 17,716.66 points, the S&P 500 gained 0.44% to end at 2,063.95 points and the Nasdaq added 0.47% to 4,869.29.
Forex summary
*The ringgit rises 0.16% to 3.9290 per US$
*It rises 0.07% to 4.4512 per euro
*Up 0.34% to 5.6440 to the pound sterling
*0.17% higher to2.9080 per Singapore dollar
*0.24% higher to 3.0076 per Aussie
*Up 0.27% to 3.4904 per 100 yen
Energy
Oil prices settled steady on Wednesday, erasing most of the day's gains, after US government data showed crude inventories at all-time peaks again despite strong refinery runs. Crude stockpiles in the United States rose 2.3 million barrels last week, reaching a seventh straight week of record highs at 534.8 million barrels, the Energy Information Administration reported. Brent crude's front-month LCOc1 settled up 12 cents at US$39.26, retreating from a session peak of US$40.61. - Reuters
Top foreign stories
Allianz to sell US$5b life insurance portfolio in Italy: German insurer Allianz is looking to sell a US$5 billion portfolio of life insurance policies in Italy, sources familiar with the matter said on Wednesday. Europe's biggest insurer has picked Goldman Sachs to run the sale of the closed life policies. - Reuters
Twenty-First Century interested in Paramount deal: Twenty-First Century Fox Inc is interested in acquiring a minority stake in Viacom Inc's Paramount Pictures, a source close to the situation said on Wednesday. The company would be interested in exploring a deal that would create synergies for Paramount but not in being a pure financial investor, according to the source. - Reuters
Brexit and eurozone worries weigh on UK consumers: British consumers remain their least confident in more than a year as they worry about the country's European Union referendum and the euro zone's unresolved economic problems, a survey showed on Thursday. Market research firm GfK said its overall consumer sentiment indicator stood at zero in March, unchanged from February and its joint lowest level since December 2014. - Reuters
Top local stories
Sona adjourns EGM: Shareholders of Sona Petroleum Bhd debated for two hours before deciding to adjourn a meeting that was supposed to decide on the company’s qualifying acquisition (QA). A shareholder made the request for postponement on the grounds that shareholders needed more time to understand the proposed capital repayment exercise. - StarBiz
Nomura ‘broadly positive’ on ringgit: Nomura said it is “broadly positive” on the ringgit from a macroeconomic standpoint. The research house said Malaysia has resilient macroeconomic growth, credible fiscal and monetary policy amid reduced political risks, higher commodity prices and forex valuations that are going in its favour. - StarBiz
1MDB to repay RM6bil of debt: 1Malaysia Development Bhd (1MDB) said it would repay RM6bil in coming weeks as asset sales gave it room to pare down debt. 1MDB won’t have any more short-term debt and bank loans after the repayments, president Arul Kanda Kandasamy said. It would have a cash surplus of at least RM2.3bil after settling the debt, he said. - Bloomberg
Yinson posts lower net profit at RM47mil: Yinson Holdings Bhd posted a net profit of RM47.43mil for its fourth quarter, down 52.6%, due to a disposal loss in the previous year. Revenue came in at RM241.07mil, 4.96% lower than RM253.62mil last year. - StarBiz
AirAsia denies privatisation plans - again: AirAsia Bhd has denied that its founders are planning to privatise the budget airline. Over the weekend, it had been reported that Tune Air was planning to privatise AirAsia with China Everbright Bank Co Ltd. - StarBiz
Zeti: Malaysia can meet growth forecast of 4%-4.5%: Malaysia will be able to meet its gross domestic product (GDP) growth projection this year, based on existing policy measures that have been put in place to counter current global economic challenges, said Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz. - StarBiz
Lay Hong teams up with Japan's NH Foods: Lay Hong Bhd has entered into a joint-venture agreement with Japan-based NH Foods Ltd, marking its venture into the overseas market, especially to countries with large potential like Singapore and Japan. Under the agreement, NHF Manufacturing (M) Sdn Bhd will be set up to manufacture, market, dis- tribute and sell processed meat- based foods. - StarBiz
GAB cautious about hiking prices in near term: Guinness Anchor Bhd (GAB) said it will be cautious not to hike prices of its products further in the near term on pressures of a higher inflation rate in the second half of 2016. - StarBiz
TPPA a boon to banks’ market access: The Trans-Pacific Partnership Agreement (TPPA) will increase Malaysian banks’ access to global markets in the long run, said RAM Rating Services Bhd. “We see strategic opportunities for Malaysian banks arising from the TPPA,” said RAM’s financial institutions rating specialist Joanne Kek. - StarBiz
Ex-AmBank Group chief leaves ANZ: AMMB Holdings Bhd’s (AmBank Group) former group managing director Ashok Ramamurthy has resigned from Australia and New Zealand Banking Group Ltd (ANZ), just over a year after exiting the Malaysian banking group. - Edge FD
AlloyMtd withdraws bid for US$2.65b project in Manila: Malaysian infra- structure conglomerate AlloyMtd Group, a merger between MTD Capital Bhd and Alloy Consolidated Sdn Bhd, has pulled out of bidding for a US$2.65 billion (RM10.41 billion) contract to build a 47km expressway, flood control dike, and for 700ha land reclamation works near Taguig in Manila, the Philippines. - Edge FD
AGMs/EGMs
CapitaLand Malaysia Mall Trust
Time: 10am
Venue: Impiana Banquet Hall, Level 2, Impiana KLCC Hotel, Kuala Lumpur
Watta Holding Bhd
Time: 9am
Venue: Penthouse@ Level 16, The Federal Kuala lumpur, Jalan Bukit Bintang, Kuala Lumpur
Stone Master Corporation Bhd
Time: 11.30am
Venue: Cherry Klubb Conference Room, Jalan Tuaran, Kota Kinabalu, Sabah
Bursa Malaysia Bhd
Time: 10am
Venue: Ballroom 1, 1st Floor, Sime Darby Convention Centre, Jalan Bukit Kiara 1, Kuala Lumpur
Kuantan Flour Mills Bhd
Time: 2pm
Venue: Casuarina Hall, Swiss Garden Beach Resort, Kuantan, Pahang
Boustead Plantations Bhd
Time: 10am
Venue: The Royale Ballroom, Level 2, The Royale Chulan Damansara, Mutiara Damansara, Petaling Jaya, Selangor
Al-Salam Real Estate Investment Trust
Time: 12.30pm
Venue: Permata Ballroom, Level B2, The Puteri Pacific Hotel Johor Bahru, Johor
Syarikat Takaful Malaysia Bhd
Time: 10am
Venue: Dewan Ahmad Mohamed Ibrahim, 5th Floor, Annexe Block, Menara Takaful Malaysia, Jalan Sultan Sulaiman, Kuala Lumpur
Oriented Media Group Bhd
Time: 11am
Venue: Dewan Tan Sri Hamzah, Royal Selangor Club Kiara Sports Annexe, Jalan Bukit Kiara, off Jalan Damansara, Kuala Lumpur
Oriented Media weeks shareholder nod to change its name to Accost Technology Bhd
Al-Aqar Healthcare REIT
Time: 12pm
Venue: Permata Ballroom, Level B2, The Puteri Pacific Hotel Johor Bahru, Johor