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Hot stock: Noble shares up 6.3% after trading on consolidated basis
SHARES of Noble Group rose 6.3 per cent on Monday, the second day of trading on a consolidated basis.
At 12.26pm, the share price was hovering at S$1.35 after 5.65 million shares were traded.
The 10-to-one share consolidation was approved last month despite several shareholders expressing their displeasure.
Trading of the shares on a consolidated basis commenced on Friday, two market days before the effective date of the share consolidation on May 9. The stock had closed at S$1.27 on Friday; it was last traded at 12-14 Singapore cents on Thursday, according to Yahoo Finance.
At a recent annual general meeting, Noble's management reiterated the progress it has made, pointing to a drop in the net debt-to-capital ratio to 42 per cent from 55 per cent at the end of 2015. The group's headcount has dropped over the 12 months from 1,525 to 1,050 staff.
Founder and chairman Richard Elman urged shareholders at the meeting to be patient, saying that ailing commodities firm may need several years to recover.