Hot stock: Noble shares fall 9 per cent in trading
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Mindy Tan
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NOBLE Group's shares fell 11 Singapore cents or 9 per cent to S$1.095 as at 12.05pm on Monday, being the top volume-traded counter. Singapore Exchange (SGX) issued a query regarding its trading activity. This is the second such query issued by SGX to the company in the past five months.
Iceberg Research issued a short-sell report on Noble, citing a price target of S$0.1. In its summary of findings, it listed several allegations, including that Noble exploits the accounting treatment of its associates to avoid large impairments and fabricate profit.
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