Noble Group Collapses 19% Over Two Days as Trade Volumes Surge
- New rights shares due to start trade on main board on Thursday
- Commodity trader is scheduled to report earnings next week
Noble Group Ltd. booklets sit on a table before a news conference during an investor day in Singapore, on Monday, Aug. 17, 2015. Noble Group Ltd. pledged to increase operating profit to more than $2 billion in the next three to five years as Asia's largest commodity trader sought to reassure investors about its long-term prospects.
Photographer: Nicky Loh/BloombergNoble Group Ltd. shares extended their slump to the lowest since 2003, ahead of a one-week period that’ll see the commodity trader’s new rights-issue stock begin trading and the company report quarterly earnings.
The shares lost as much as 8.3 percent to 12.2 Singapore cents and closed 0.8 percent down at 13.2 cents in the city-state. On Tuesday, the stock sank 18 percent, drawing a query from the exchange, and Hong Kong-based Noble Group said it was unaware of the reason for the move.