Noble Group's shares and bonds continue in freefall
Analysts cut their target price for its stock; some ask about Noble's ability to continue as a going concern
Singapore
SHARES in Noble Group continued their free fall on Thursday, as analysts hurriedly slashed their target price for the stock following the firm's shock loss for the first quarter.
Its bonds followed a similar trajectory, tumbling on fears that the commodity trader might have problems meeting its debt obligations.
The company's shares crashed another 24 per cent, or 21 cents, to 66.5 Singapore cents on Friday, reaching a new 15-year low just a day after a record 32 per cent plunge.
Its 6.75 per cent bonds due 2020 fell to trade at about 54 cents on the dollar for a yield of 34 per cent; they had started the week at more than 95 cents.
Noble had announced after the market close on Thursday a loss of US$129.3 million despite a rise in revenue, and attributed this t…
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