Noble plunges 6.82% to 10-month low

Singapore

SHARES of Noble Group plunged 6.82 per cent on Tuesday to a 10-month low of S$1.025; the commodities trader was among the most heavily traded, with more than 70 million shares changing hands.

The significant sell-off had analysts wagging fingers at China Investment Corporation (CIC), Noble's second largest shareholder, for possibly performing another round of divestment, amid a weak crude market.

In late-September 2014, CIC had sold off about a third of its stake in Noble, remaining with a 9.4 per cent ownership of the company. That sale had triggered a 7.14 per cent decline in Noble's counter within a single trading day - its largest slump in almost two years. CIC's divestment can't be ruled out, OCBC Investment Research analyst Carey Wong said. "A big block trade of 5.16 million shares was done early this morning. So far, …