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Singapore shares rose by midday, led by gains in commodity trader Noble Group Ltd after it swung back to a quarterly profit, and buoyed by expectations a fresh cash injection by the European Central Bank will support riskier assets.
By midday, Noble's shares had climbed 4.4 percent to S$1.435, with over 63.7 million shares changing hands, making it the most actively traded stock by value.
CIMB Research said it expects Noble's earnings to improve from the first quarter along with the recovering economy. The rise in Singapore stocks was in line with other Asian bourses, with growing risk appetite boosting the MSCI Asia Pacific ex-Japan to a near seven-month high.
The European Central Bank is expected to inject about 500 billion euros ($670 billion) into the euro zone's financial system later on Wednesday to fight the regional debt crisis. It will be the second injection since December and banks can tap as much of the ultra-cheap, 3-year loans as they like.
Shares of Chinese shipbuilder COSCO Corp Singapore Ltd jumped 4.3 percent to S$1.225 after it said it had won contracts worth $190 million to build seven bulk carriers.
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