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Noble Group jumps in Singapore amid speculation of stake build

Bloomberg Published on Thu, Jul 06, 2017 / 6:19 PM GMT+8

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(July 6): Noble Group, the commodity trader that’s struggling for survival after a multiyear stock rout and concerns it may default, surged in Singapore, with shares hitting their highest close since May amid speculation that large investors may be building stakes.

Stock in the Hong Kong-based company advanced as much as 38% to 65 cents and closed at 64 cents. While the company has rebounded from an intraday low of 28.5 cents on June 6, it’s still lost more than 60% this year.

The jump prompted a query from Singapore Exchange. In response, the company said it wasn’t aware of any information not previously announced that might explain the trading.