Noble gain pared as Iceberg warns it'll release 3rd report

Singapore

THE looming threat of yet another attack by obscure research outfit Iceberg Research took the wind out of Noble Group's sails on Friday after the stock initially surged following rumours of a potential takeover.

Noble shares had climbed after reports that the commodities trader's recent slump in its market value made it a potential takeover target. Recent announcements that fund houses had snapped up more shares in Noble over the past few days also spurred the rally.

The counter rose to as high as S$0.91 in the afternoon but later beat a retreat to end the day at S$0.875, just 2.5 cents up from the previous close. A staggering 92.4 million shares changed hands, making it the most active stock…