Late April coincides with annual general meetings where 12-month buybacks are scheduled for approval.
According to the Singapore Exchange (SGX), 22 stocks repurchased 40 million shares for a total consideration of $116.8m in April. This was 47% lower than the 30-month high of $222m in March.
On a yearly basis, however, the $116.8m in consideration was up significantly from the $19m in 2017. "Late April coincides with the beginning of March quarter earnings season in addition to annual general meetings (AGM) for FYs ending 31 December, where 12-month buybacks were scheduled to be approved," SGX said.
CapitaLand bought back the most shares at 1.36% for $69.6m. Its share price gained 8.4%, compared to the SGX Real Estate Developer & Operators Index 4% gain.
The other stocks with the largest buyback consideration value were OCBC, United Overseas Bank, Oxley, and Starburst Holdings which made up 95% of the total consideration.
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