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Hot stock: Noble opens up 4% before easing after meeting with investors in Singapore
SHARES of Noble Group opened more than 4 per cent higher on Tuesday morning, a day after meeting investors in Singapore.
The commodities trader saw its shares opened at S$0.475 a share, up 2 Singapore cents, or 4.396 per cent. However, by 09:09am, the shares eased to S$0.465 each, up 1 cent, or 2.198 per cent, with more than 10 million shares traded.
On Monday, Noble hosted an investor information day in Singapore as well as a separate meeting with sell side analysts. The investor session focused on explaining what Noble's different business units do and reiterating its previous explanations surrounding its marked-to-market (MTM) accounting, valuation of associates, inventory sales, liquidity and cashflows. The meeting also discussed the findings of the recent PwC report.
Phillip Securities has imposed trading restrictions on the online buying of Noble shares to control its credit exposure. With the restriction, effective Aug 14, clients cannot buy the troubled Hong Kong-based commodities trader's shares online. However, they can still trade them through their trading representatives.