Raffles Education (E6D.SG) is +4.7% at $0.335, taking its year-to-date run up to 31.4%; with 34 million shares traded it is the third most active stock today.

BNP Paribas analyst Brenda Lee says the recent rally has come on the back of potential positive news flow from the Oriental University City (OUC) development after RLS said it had identified a property developer to co-develop the OUC land to monetise its $394 million investment.