Hot stocks: Glove makers Top Glove, Riverstone, UG Healthcare see steep drops, Companies & Markets

Hot stocks: Glove makers Top Glove, Riverstone, UG Healthcare see steep drops, Companies & Markets

Wed, Aug 12, 2020 - 1:11 PM FOLLOWING news that Russia is moving to roll out its new Covid-19 vaccine, share prices of the trio of Singapore-lis

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Wed, Aug 12, 2020 – 1:11 PM

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.

Russia on Tuesday night said it has approved the world’s first vaccine against the novel coronavirus, although clinical trials will still continue. The announcement appeared to weigh on sentiment for glove plays, as an effective vaccine is set to curb the spread of Covid-19 and thus dampen demand for gloves.

Mainboard-listed Riverstone Holdings sank 12.7 per cent or S$0.58 to S$3.99 within the first hour after market open. The counter was trading at S$4.11 as at the midday break on Wednesday, down 10.1 per cent or S$0.46 from Tuesday. About 7.9 million shares changed hands, making it the third most active stock by value on the Singapore Exchange.

Its shares had spiked to a record high of S$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.

Meanwhile,…



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