Shares of Singapore commodities trader Noble Group (NOBG.SI) fell as much as 3.9% on Thursday, after bigger rival London-listed Glencore slumped in the previous session on worries about demand for commodities amid a weakening global economy.
“Glencore fell a lot yesterday so there’s a spillover effect on Noble,” said a local trader.
At 11:54 a.m., Noble was down 3.1% at $1.75 on a volume of over 25 million shares. The stock was the top traded by value so far. On Wednesday, Glencore (GLEN.L) shares fell 7%.
“Noble is quite a direct proxy to the economy and there are concerns about the demand for commodities, especially energy and industrial commodities like coal and steel,” said James Koh, an analyst at Kim Eng Securities.
No comments:
Post a Comment