Noble’s share price takes another pummelling

Noble’s share price takes another pummelling

Shares in Singapore-listed Noble Group tumbled dramatically again today as the commodities giant was slapped yesterday with a ‘trade with caution’ notice from the Singapore Exchange.

Noble’s share price has suffered its biggest monthly drop ever. The shares are down 40% in July, and have lost nearly two-thirds of their market value since mid-February when a Hong Kong-based Iceberg Research issued a scathing report on the group’s accounting practices, something Noble, founded by Richard Elman (pictured), has since strenuously denied.

The commodity trader sank to 44.5 cents, down 7.5 cents or 14.4%, at around 11:50am this morning, having plunged 12% yesterday.

 

 

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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