SIA Soars 4.51% Following Significant Share Buyback
Singapore Airlines (SIA) stock is soaring in the pre-market session, with shares up 7.01% as investors react positively to the company's recent share buyback program. The national carrier's stock movement comes amid a generally upbeat market sentiment in Singapore.
On Wednesday, SIA announced that it had repurchased 522,500 shares at a price range of S$5.91 to S$6.05 per share, with a total consideration of S$3.1 million. This buyback represents a significant portion of the company's authorized repurchase limit of approximately 148.9 million shares. Share buybacks are often viewed favorably by investors as they can increase the value of remaining shares and signal management's confidence in the company's financial health and future prospects.
The surge in SIA's stock price also comes against the backdrop of a recovering aviation sector, as global travel continues to rebound post-pandemic. Investors appear to be optimistic about the airline's growth potential and its strategic moves to enhance shareholder value. Prior to this pre-market jump, SIA shares had closed 0.8% lower at S$5.99 on Wednesday, suggesting that the buyback news is likely the primary driver of today's significant price movement.
SIA soars 4.51% at 11:09 am, Apr 10th.
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