Noble Shares Tumble for 2nd Day After Iceberg, OCBC Research Notes
Singapore. Shares in commodities firm Noble Group fell sharply for a second straight day on Tuesday, after a negative report by a little known short-selling firm and a ratings review by a local brokerage.
Noble on Monday rejected claims from Iceberg Research which said in a research note that Noble used aggressive accounting to mislead investors. Iceberg cut its price target on the company.
“The Company completely rejects the allegations. All material information to which Iceberg Research refers is in the public domain. There has been no material adverse change since the Company last reported,” Noble said in a statement.
The Iceberg report pushed shares in Noble down 7.9 percent lower on Monday. On Tuesday, they were down another 4 percent at S$1.06 in morning trade after OCBC Investment Research said the company’s buy rating and S$1.30 fair value price were under review.
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Source: The Jakarta Globe