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Hot stock: Noble inches up prior to results release
HOURS before the release of its Q1 earnings results, beleaguered commodity trader Noble Group inched up about 0.59 per cent in morning trade on Tuesday.
As at 11.09am, its shares were trading up 0.5 cents at S$0.86 with about 5.4 million shares changing hands.
Noble, Asia's largest commodity trader by revenue, is expected to release its first-quarter FY2015 results after market closes on Tuesday, in which the group has promised more disclosures.
While the exact nature and format of the disclosures have yet to be announced, Noble has said it is considering showing investors gains and losses by region and by commodity.
The Hong Kong-based firm has also said it would provide updated disclosures for other Noble businesses after its Noble Agri transaction with Chinese state-owned firm Cofco in 2014.
Despite the latest uptick in Noble's share price, as well as an aggressive share purchase programme led by Noble's management, the group's shares have plunged about 28.6 per cent since Feb 15, 2015, when anonymous outfit Iceberg Research launched the first of a series of attacks on Noble's accounting practices.
Short-seller firm Muddy Waters followed suit in early April, issuing a "short" position on Noble.
Noble's management has since denied the allegations, and has begun legal proceedings against Arnaud Vagner, a resident in Hong Kong, who it claims to be a disgruntled former employee behind Iceberg, as well as against the company he set up, Enlighten Ace.