SGX says ready to act on any market misconduct in trading of Noble shares

Singapore Exchange (SGX) said it is ready to act against market misconduct, in response to Noble Group's announcement that its share price might be manipulated.
Singapore Exchange (SGX) said it is ready to act against market misconduct, in response to Noble Group's announcement that its share price might be manipulated.PHOTO: BLOOMBERG NEWS

SINGAPORE - Singapore Exchange (SGX) said it is ready to act against market misconduct, in response to Noble Group's announcement on Monday (August 3) that its share price might be manipulated.

In a statement filed on SGX on Monday morning, Noble stressed that it is unaware of any material issues that might have sent its shares on a freefall recently.

"The board has however been made aware of misleading information being spread about the company in what appears to be an attempt to manipulate the company's share price," Noble added.

Responding to Noble, SGX issued its own statement: "The exchange will continue to closely monitor developments in Noble including trading of its shares.

"We stand ready to take action against any market misconduct including any suspected manipulation and will work with the relevant authorities as appropriate."

Shares of Noble jumped 7 per cent on opening on Monday, and were still up 4.40 per cent at 47.5 cents by 11:30am.

Sentiments were likely cheered by Noble's intention - also announced in its Monday statement - to provide additional disclosures around the valuation of Yancoal, a point of controversy since the company's accounting practices first came under attack from Iceberg Research in mid-February this year.

The information, along with the findings of an ongoing PwC review, will be shared in Noble's second quarter results announcement, which has been moved forward three days earlier to August 10.