THE share price of #NobleGroup tumbled more than 15 per cent in active trade on Tuesday, prompting a query from the Singapore Exchange (#SGX) on its trading activity.
At 03:59pm, Noble was trading at S$0.137 a share, down S$0.025, or 15.432 per cent. More than 272 million shares changed hands, making the commodities group the most actively traded stock on SGX.
In a reply to the regulator's query, Noble said it was unaware of any possible explanation of the trading, and confirmed that it was in compliance with the listing rules.
Asked for a reason for the latest tumble, a broker attributed the sell-off to the prevailing negative market sentiment towards debt-ridden companies with weak balance sheets.
As of March 31, 2016, Noble's cash and cash equivalents stood at US$1.35 billion, compared to US$1.95 billion at the end of 2015. It had about US$3.69 billion in net debt.
The stock has been trodden on by all sorts of downgrades by ratings agencies and the "buy" recommendations have virtually disappeared. To Know More Updates Register Here
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