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Hot stock: Noble shares surge on pledge of more transparency (Amended)
SHARES of embattled commodity trader Noble Group Ltd rose more than 3.48 per cent on Friday in early trade to a high of S$1.04.
The extended gains from a one-year low of S$0.92 earlier this week comes after the company pledged to provide more disclosures and more transparency in the wake of improper accounting accusations made by research firm Iceberg Research.
One of Asia's biggest commodity traders, Noble's stock was one of the top 20 gainers on Singapore's benchmark Straits Times Index at about 10.55am.
Almost 31.4 million shares changed hands.
Iceberg Research had said last month that Noble's accounting methods inflated the value of its assets - a claim that Noble has rejected and blamed on a disgruntled former junior employee.
In its latest statement, Iceberg said that it expects to see more writedowns on Noble's investment in Yancoal Australia.
Amendment: The earlier article included a typo that said shares of Noble Group rose to a high of S$1.40. The article has been amended to reflect that it should be S$1.04.