Noble Group shares surge 13% amidst huge volume

Shares in the embattled commodities trader Noble Group jumped as much as 13 percent to S$0.17 on the Singapore Exchange on Wednesday.

noble
Reuters

Shares in the embattled commodities trader Noble Group jumped as much as 13 percent to S$0.17 on the Singapore Exchange on Wednesday.

About 7.6 million shares changed hands compared to a 30-day average of 4.6 million shares.

The sudden surge in share prices came after Noble shares slumped for the seventh time in eight days on Tuesday, losing as much as 5 percent to 15.2 Singapore cents.

The Hong Kong-based trader is now valued at just $200 million. At its peak, it was worth more than $10 billion.

Noble Group on Wednesday said it would sell four of its Kamsarmax dry bulk carrier vessels for US$95 million, as part of its debt reduction plans.

Net proceeds to the group, following repayment of bank loans associated with the vessels and other costs, will amount to about US$30 million.

Join the Discussion
READ MORE