Hot stock: Noble Group shares erase early gains, hit 6-1/2 year low

Singapore-listed shares of Noble Group Ltd on Tuesday dropped as much as 6.6 per cent to an intra-day low of S$0.425, their lowest since Nov 2008, erasing earlier gains. 

PHOTO: REUTERS

AUG 18, 20154:46 PM

[SINGAPORE] Singapore-listed shares of Noble Group Ltd on Tuesday dropped as much as 6.6 per cent to an intra-day low of S$0.425, their lowest since Nov 2008, erasing earlier gains.

Shares in Noble, Asia's largest commodity trader, had rallied more than 5 per cent in early trade, a day after its chief executive said the company was open to selling core businesses during a meeting with investors that lasted more than four hours.

Noble, already under pressure in a weak commodities market, hit the spotlight in February when blogger Iceberg Research alleged the company was inflating its assets by billions of dollars by not fairly representing the value of its commodity contracts. The company has rejected the claims.

REUTERS