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Hot stock: Noble sinks further following cash call news

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SHARES of commodity trader Noble Group fell further in trading on Monday, after it announced a US$500 million one-for-one rights issue last week.

The counter closed 2.5 Singapore cents - or 9.6 per cent - lower at S$0.235. It topped the list of most active counters, with more than 153 million shares changing hands.

This share price decline comes on the back of a beating that the counter took last Friday. Then, Noble stock had closed at S$0.26, down from the S$0.29 that it had opened at after trading resumed at 10.10am.

Noble Group's rights issue is priced at a 63 per cent discount to the group's closing stock price of S$0.30 on June 2.

The group had also announced that its founder and executive chairman, Richard Elman, would be stepping down.

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