Beleaguered Noble Group, which has been the target of shortsellers after question about how it valued its businesses, was trading at SGD0.395 on Tuesday afternoon down some 11.2%. It is the lowest level that Noble has traded at since the onset of the global economic crisis in 2008.
The sharp fall in Noble’s share price followed a massive 30% drop in Glencore’s stock price in trading on the London Stock Exchange to a record low of GBP0.67 after an analyst warned that lower metal prices could wipe out nearly all its equity value. Trading of Glencore’s shares on the Hong Stock Kong Exchange today also has seen its price falling 28.9% to HKD8.72 per share.
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