Hot stock: Noble tumbles a further 13%
SHARES of Noble Group tumbled a further 13 per cent on Friday, a day after the Singapore Exchange asked the commodities group to explain the trading in its shares after they fell by as much as 12 per cent.
At 10:09am, Noble was trading around S$0.455 a share, down S$0.065, or 12.50 per cent. More than 78 million shares changed hands.
According to Bloomberg, Noble has used US$131 million on its share buyback recently. The only time Noble spent more than that on an asset since 2011 was when it paid $140 million for a Jamaican alumina plant in 2014.
Noble's stock has lost about half its value since mid- February, when Iceberg Research published criticism of the firm's accounting.
Noble has rejected the criticism and hired PricewaterhouseCoopers this month to review its practices.
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