Noble's share buyback spree continues

Singapore

NOBLE Group on Thursday announced its seventh share buyback the day before, bringing its total repurchase this month to S$93.5 million for some 134.2 million shares, averaging close to S$0.70 apiece.

Its stock, which has been hit by attacks on the group's accounting policies this year, recovered further ground on Thursday, closing with a 2.8 per cent or two-cent gain at S$0.735. The latest share repurchase involved S$10.4 million worth of shares. The commodities trader bought 14.5 million of its own shares at S$0.7178 apiece. On Wednesday, it announced a Tuesday market acquisition of 14 million shares at S$0.69445 apiece, paying S$9.75 million in total consideration.