Noble shares shed intra-day gains

Singapore

NOBLE Group shares went on a see-saw on Tuesday, as confidence in the stock arising from the PricewaterhouseCoopers (PwC) report on its fair-value accounting practice soon gave way to lingering scepticism and concerns over the bearish commodities outlook.

Shares of the commodities trader surged as much as 11 per cent in early Tuesday trading, buoyed by assurances from PwC on its valuation approach for long-term commodity derivative contracts and some short-covering by investors on the stock.

But these gains were reversed by market close, after a hefty 307.45 million shares were traded; Noble shares closed at 57 cents on Tuesday, 1.7 per cent below Thursday's close.

With Noble's second quarter ended June 30 results coming in below market expectations, several analysts also pared their profit fore…