Noble shares rebound on Elman's pledge to 'right the damage'

Singapore

SHARES in Noble Group have rebounded after its founder said the commodity trader will "right the damage" and do its best to restore the share value, even as a rating agency revised its outlook on Noble from "stable" to "negative".

In his first public comments since Noble's annual general meeting in April, Noble's chairman Richard Elman appealed to shareholders and staff to be patient with the company.

The stock hit a new six-year low of S$0.63 on Thursday before surging to as high as S$0.715 in the afternoon after Noble released the letter.

It finally closed at S$0.705, still 9.3 per cent higher than Wednesday's close. The most heavily-tra…