Hot stock: Singapore's Noble shares rise one per cent in opening trade

[SINGAPORE] Shares of Asian commodity trading firm Noble Group opened 1 per cent higher on Wednesday, a day after the company issued a detailed rebuttal of a report from a little known research firm that has questioned its accounting practices.

The company said its board and management were comfortable that its balance sheet fairly represents its book value under International Financial Reporting Standards.

Noble shares lost nearly 13 per cent in the previous two trading sessions.

Iceberg Research said in a report posted online on Sunday that Noble used aggressive accounting to mislead investors.

REUTERS