Noble shares shed intra-day gains
Earnings woes and scepticism set in despite the group releasing full PwC report on the valuation of its contracts
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NOBLE Group shares went on a see-saw on Tuesday, as confidence in the stock arising from the PricewaterhouseCoopers (PwC) report on its fair-value accounting practice soon gave way to lingering scepticism and concerns over the bearish commodities outlook.
Shares of the commodities trader surged as much as 11 per cent in early Tuesday trading, buoyed by assurances from PwC on its valuation approach for long-term commodity derivative contracts and some short-covering by investors on the stock.
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