Noble Group shares rise most in 2 weeks, top shareholder ups stake

Mr Richard Elman, chief executive officer of Noble Group. -- PHOTO: NOBLE GROUP
Mr Richard Elman, chief executive officer of Noble Group. -- PHOTO: NOBLE GROUP

SINGAPORE (Reuters) - Shares in mainboard-listed Noble Group rose more than 4 per cent on Tuesday, their biggest daily increase in more than two weeks, after its top shareholder increased its stake in Asia's biggest commodity trader.

Noble Holdings, a vehicle associated with company founder and chairman Richard Elman, increased its stake to 20.9264 per cent from 20.855 per cent by purchasing 4.8 million shares via market transaction on March 2, company statements showed.

Noble shares rose as high as 99 cents, recovering from a more-than-one-year low of 92 cents hit in the previous session.

The stock had tumbled more than 20 per cent from Feb 13, after the company came under the attack of short-seller Oceberg Research over its accounting practices and then reported its first quarterly loss in three years.