Shares of debt-laden commodities trader Noble Group surged as much as 20 percent on Friday, despite the Hong Kong-based company reported a quarterly loss and a surge in debt.
- Noble Group's second quarter earnings showed no fresh causes for concern about the company.
- Also the Q2 loss was flagged last month, when the company also announced that it would sell its gas and power unit and looking for buyers for its oil liquids business.
- The bulk of the losses in the second quarter stemmed from writedowns on the value of long-term contracts.
- The company has already lost more than 90 percent of its market value since 2015.