Weekly recap: 3 good news this Lunar New Year

By Beansprout β€’ 10 Feb 2024 β€’ 0 min read

DBS raises dividends, S&P 500 hits new high & savings account rates remain high

what happened in the markets 10 feb 2024
In this article
0 min read

Here are a few pieces of good news to usher in the Lunar New Year.

Firstly, the S&P 500 index closed above the 5,000 level for the first time, boosted by strong earnings reported by companies.

Closer to home, DBS shareholders also have reason to rejoice as the company announced an increase in dividends and a bonus share issue.

Lastly, we were relieved to see that most banks have maintained the interest rates on their savings accounts, despite the decline in T-bill yield and fixed deposit rates. 

Check out our Compare Savings Account Tool to find the best savings account with the highest interest rates.

We wish you good health and prosperity in the Year of the Dragon!

what happened in the markets 11 feb 2024
Source: Bloomberg. Price as of market close on 9 Feb


πŸš€ S&P 500 CROSSES 5,000 

What happened? 

80% of S&P 500 Index companies that have reported their earnings so far have beat expectations. 

This exceeds the 10-year average of 74%, according to data from Bloomberg Intelligence Unit. 

What does this mean?

Analysts are now expecting companies in the S&P 500 index to grow their earnings by 6.5% in the fourth quarter compared to the previous year. 

This would also mark the fastest pace of earnings growth since the middle of 2022.  

Why should I care? 

US stocks rallied with stronger than expected earnings reported by companies. 

The S&P 500 closed above the 5,000 level for the first time, with gains led by mega-cap tech stocks once again. 


DBS raised its dividends again. Worth buying at 7.5% yield?

DBS has raised its dividend per share to 54 cents for the fourth quarter 2023, and proposed a bonus issue of one bonus share for 10 existing ordinary shares held. 

dbs dividends share price 2024


  • CapitaLand Integrated Commercial Trust reported distribution per unit of 5.45 cents for the second half of 2023, an increase of 1.7% compared to the previous year. An increase in net property income with higher contribution from Raffles City Singapore and contribution from acquisitions was offset by higher finance costs. 
  • Keppel Infrastructure Trust (KIT) is acquiring an approximately 98.6% stake in Ventura Motors, the largest bus service business in Victoria, Australia, for an enterprise value of A$600 million (S$540 million). Upon completion of the transaction, KIT’s assets under management will grow from S$8.1 billion to approximately S$9.7 billion. 
  • Netlink Trust reported profit of $85.1 million for nine months of fiscal year 2024 ended December, 4% higher compared to the previous year. The trust’s revenue grew with higher connection and installation-related revenue.
  • Frasers Hospitality Trust (FHT) reported higher revenues per available room (RevPARs) across all markets in its portfolio in the first quarter of fiscal year FY2024, except for Singapore and the UK. FHT noted continued resilience of tourist demand with sustained recovery for its markets. 
  • Starhub reported earnings of $72.9 million for the second half of 2023, and has declared a higher final dividend of 4.2 cents. For the current FY2024, Starhub is guiding for a dividend payout of at least 6 cents. 

Source: Bloomberg, CNBC, Financial Times, Business Times, Edge Singapore


  • Monday, 12 Feb: Lunar New Year Holiday
  • Tuesday, 13 Feb: US Consumer Price Index data
  • Wednesday, 14 Feb Far East Hospitality Trust earnings
  • Thursday, 15 Feb: Keppel Pacific Oak US REIT earnings
  • Friday, 16 Feb: Singapore Budget 2024

Source: Bloomberg, SGX 


Missed out on what has been happening in the markets? We're pleased to partner with Securities Investors Association Singapore (SIAS) to bring you a Weekly Market Review. Catch the video every Monday on Facebook

Read also

Gain financial insights in minutes

Subscribe to our free weekly newsletter for more insights to grow your wealth

chatbubble Comments