Noble group shares up for second day

Shares of Singapore-listed Noble Group surged for a second day, heading for its biggest two-day advance in six years.
Shares of Singapore-listed Noble Group surged for a second day, heading for its biggest two-day advance in six years. PHOTO: REUTERS

SINGAPORE - Commodities trader Noble Group soared for a second day, in a move that could reverse all of last week's slump.

The blue chip counter, which opened at 49 Singapore cents on Tuesday, jumped more than 20 per cent to 58.5 cents as at 4.05pm - marking its biggest gain in more than six years.

This brings Noble up by about 22 per cent since the group announced on Monday that it will bring forward the release of its second-quarter results by three days to Aug 10, to address "misleading and untruthful information".

Noble, which has been on a downward trajectory since shortseller Iceberg Research heavily criticised the firm's accounting in February, tumbled 28 per cent last week.

It is down by more than half the S$1.205 then.

"The stock is due for a rebound," CMC Markets analyst Nicholas Teo told Bloomberg.

"Traders who have been shorting the stock are probably getting squeezed after Noble brought forward the release of its earnings. That can be a sign the company has something good to say."

Noble has bought back its shares worth S$131 million since June and hired PricewaterhouseCoopers last month to review its practices.

The company added that it has been been approached by several parties for potential financings, strategic and investment options.

tsjwoo@sph.com.sg