Noble buys back 40m shares in fourth such move this month

COMMODITIES firm Noble Group has executed its fourth share buyback in a month, continuing its efforts to shore up confidence among investors.

It bought back 39.74 million of its own shares on Wednesday, by way of market acquisition, for S$28.43 million in total at an average price of 71.38 Singapore cents apiece.

Noble shares have plunged 41 per cent since mid-February, when little-known Iceberg Research - which Noble claims to be led by a disgruntled ex-employee - launched the first of a series of criticisms on the commodities trader's accounting practices.

Noble shares closed trading on Wednesday at 71.5 Singapore cents each.