Noble Group gets SGX notice for trading activity in its stock

As at 4 pm, Noble shares are down 10.2 per cent or six cents to 53 cents, with 108.3 million shares traded.
As at 4 pm, Noble shares are down 10.2 per cent or six cents to 53 cents, with 108.3 million shares traded.PHOTO: BLOOMBERG

SINGAPORE - Shares of Noble Group got hit with a trade with caution notice from the Singapore Exchange on Thursday for unusual trading activity in its stock after it sank to its lowest point for the year at 52.5 cents.

As at 4 pm, Noble shares are down 10.2 per cent or six cents to 53 cents, with 108.3 million shares traded.

One remisier said Noble's stock price decline is dragging down the Straits Times Index, which was down 1.03 per cent or 33.71 points to 3,259.29 as at 4:02 pm.

This is the third query the commodities trader got slapped with in the past six months, according to the Singapore Exchange.

SGX had issued a trading query earlier on Thursday after the stock plunged 11.9 per cent. But the firm responded saying it wasn't aware of any reasons that could explain the trading activity.

Noble, has been targeted by short-sellers and critics over its accounting practices, has been aggressively buying back its own stock but appears to be waging a losing battle, thanks to plummeting commodities prices.

Noble has spent US$131 million (S$279.2 million) to purchase its shares, which company spokesman Stephen Brown said is a good way to use excess cash.

gleong@sph.com.sg