SINGAPORE - Following news that Russia is moving to roll out its new Covid-19 vaccine, share prices of the trio of Singapore-listed glove manufacturers all skidded on Wednesday , decimating their gains from recent weeks.
Its shares had spiked to a record high of $4.69 on Aug 7, two days after Riverstone announced that its half-year earnings had more than doubled. The Malaysian company produces natural rubber and nitrile gloves, specialising in clean room and healthcare gloves. The mainboard-listed stock had rallied to a peak on Aug 6 when it closed at $9.30, up about 38.9 per cent from a month ago.
The counter rapidly retreated 18.5 per cent or $0.625 to $2.745 by around 9.36am on Wednesday. It regained some ground to trade at $2.99 as at the midday break, with 7.1 million shares traded. Revenue surged 80.9 per cent on the year to $91 million from $50.3 million, boosted by the higher volume and selling prices of gloves, UG Healthcare said in results released on Tuesday evening. The higher revenue came amid the exponential increase in demand for disposable healthcare and medical gloves worldwide due to the novel coronavirus outbreak, particularly in the April-June period.
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