Shares of Singapore commodities firm Olam International (OLAM.SI) fell as much as 7.6% on Thursday as traders said they saw the weaker-than-expected earnings of the company’s peer, Noble Group, as a signal of a poor sector outlook.
At 11:19 a.m., Olam shares were down 6.9% at $2.44, underperforming the broader Straits Times Index <.FTSTI>, which was 2.8% lower.
Shares of commodities firm Noble Group (NOBG.SI) plunged as much as 27% in early trade on Thursday to their lowest level in more than two years, following its first quarterly loss in over a decade and the surprise resignation of its chief executive.
“People associate Noble and Olam together so they are reading across from Noble’s result. Their business in soft commodities is a bit similar,” said a local trader.
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