Market News - 05 May 2009

U.S. and European Market Roundup 

• The DJIA up 214.33 points to 8,426.74 points.
• U.S stocks rallied on Monday, driving the S&P 500 into positive territory for the year as investors bet banks' capital shortfalls may be manageable and housing data fueled hopes the recession is easing.
• Likewise, European stock markets rallied on Monday, adding to April's record gains and led by energy and industrial engineering shares on the back of economic data suggesting that the recession might be moderating.

Macro and Corporate News 

• Sime Darby has made a RM232 mln cash and share offer to buy the business of Ramunia Holdings, an oil and gas fabricator, as it seeks to expand its energy and utilities division.
• Kencana Petroleum, an oil and gas support services firm, is expected to win two contracts worth RM110 mln collectively from oil majors to fabricate offshore structures for projects in offshore Sarawak.