SINGAPORE (Reuters) - Shares in embattled commodity trader Noble Group surged as much as 38 percent on Thursday, triggering a query from the Singapore bourse, but the company said it did not have an explanation for the rise.
“The company is not aware of any information not previously announced concerning the company, its subsidiaries or associated companies which might explain the trading,” Noble said in a response to a query from the Singapore Exchange. “The company is not aware of any other possible explanation for the trading. ”
Noble shares rose 36 percent to S$0.64 per share at the close. The stock is still down about 62 percent this year.
Some traders said the stock could have been helped by higher coal prices, which rose 4.4 percent on Wednesday and have climbed almost 25 percent since May.
Reporting by Aradhana Aravindan; Additional reporting by Henning Gloystein; Editing by Chrstian Schmollinger