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November 21, 2024November 21, 2024

Stocks to watch: Nio, Singtel

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THE following companies saw new developments that may affect trading of their securities on Thursday (Nov 21):

Singtel: The telecom group on Thursday announced changes to its senior management, to support new business priorities of its growth plan. Singtel Singapore’s deputy chief executive Anna Yip will relinquish her role to lead an expanded and rebranded business development function. Veteran Mark Chong was also appointed group chief corporate officer, as part of a wider senior management change. The company’s shares ended Wednesday 3.1 per cent or S$0.10 lower at S$3.13.

Nio: The Chinese electric carmaker said on Wednesday its net loss widened to 5.1 billion yuan (S$945.5 million) for its third quarter ended Sep 30, 2024, from 4.6 billion yuan in the corresponding period a year earlier. Revenue fell 2.1 per cent to 18.7 billion yuan from 19.1 billion yuan. This was as vehicle sales fell 4.1 per cent to 16.7 billion yuan from 17.4 billion yuan. Nio attributed the poorer vehicle sales to a lower average selling price as a result of changes in the product mix, which was partially offset by an increase in delivery volume. Its shares closed US$0.11 or 2.3 per cent lower at US$4.74 in Singapore, before the earnings report.

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