Noble Group's stocks hit one-year low

SHARES of mainboard-listed Noble Group hit a one-year low on Monday, as it continued its downward trend from last Friday.

The counter hit a low of 93 Singapore cents earlier in the day, down 4.5 cents from its close at 97.5 cents on Friday.

As at 2.46pm, the counter traded three-and-a-half cents lower at S$0.94, with more than 54 million shares changing hands.

Shares of the commodities firm have plummeted by more than 22 per cent since they closed at S$1.205 on Feb 13, a day before the first Iceberg report was published.

The weak showing comes after Noble's shares plunged 8 per cent last Friday following a shock US$240 million loss for the fourth quarter ended Dec 31, 2014, largely due to an unexpected US$438 million write-off.

The commodities trader also faced further criticism on its accounting practices from Iceberg Research last week.