NOL - Right Issue Finally

When markets improved, many companies rushing into the market to raise funds. Another S$1bln of liquidity will be taken out from the market by NOL. Neptune Orient Lines Limited said that the Company is undertaking a renounceable underwritten rights issue of new ordinary shares in the Company to raise gross proceeds of approximately S$1.437 billion on the basis of three (3) Rights Shares for every four (4) Shares at S$1.30 for each Rights Share.

In the US, the Dow Jones closed up 2.6%. In London the FTSE 100 closed up 2.0%. Frankfurt's Dax rose 4.1% and the Cac40 in Paris gained 3.1%. Reports on the manufacturing sectors in China, the US and the UK gave fresh hope that the battered sectors were on the road to recovery.

Also in the US, consumer spending was better than expected and construction spending rose for the second month. Two measures of manufacturing in China showed the sector expanded in May.