Shares in Noble Group fell for a fifth consecutive session on Friday, extending a decline that has seen some 60% of its market value wiped out since mid-February on concerns about its accounting practices.
The stock fell 13% in early trade, a day after Singapore Exchange asked the commodities trader to explain the trading in its shares after they fell by as much as 12% in heavy colume. The company said it was not aware of any information that would account for the decline in its shares. That prompted the bourse to issue a trade with caution note.
By 10.44am, the counter had fallen 5 cents, or 9.6%, to 47 cents, with 100.3 million shares changing hands.
Bloomberg reported that Noble had used US$131 million ($180 million) for share buybacks recently, and the only time the firm spent more than that on an asset since 2011 was when it paid $140 million for a Jamaican alumina plant in 2014.
Noble has rejected claims that it inflated assets by billions of dollars following a report by Iceberg Research in mid-February. Noble's bonds have also weakened and the spread on its credit default swaps has widened.
A new committee of four independent board members has appointed PricewaterhouseCoopers (PwC) to review valuations of some of Noble's assets.
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The stock fell 13% in early trade, a day after Singapore Exchange asked the commodities trader to explain the trading in its shares after they fell by as much as 12% in heavy colume. The company said it was not aware of any information that would account for the decline in its shares. That prompted the bourse to issue a trade with caution note.
By 10.44am, the counter had fallen 5 cents, or 9.6%, to 47 cents, with 100.3 million shares changing hands.
Bloomberg reported that Noble had used US$131 million ($180 million) for share buybacks recently, and the only time the firm spent more than that on an asset since 2011 was when it paid $140 million for a Jamaican alumina plant in 2014.
Noble has rejected claims that it inflated assets by billions of dollars following a report by Iceberg Research in mid-February. Noble's bonds have also weakened and the spread on its credit default swaps has widened.
A new committee of four independent board members has appointed PricewaterhouseCoopers (PwC) to review valuations of some of Noble's assets.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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