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Noble Share Plunge an Opportunity to Buy More: Religare -- Market Talk

23 May 2017 4:39 am

0439 GMT - Religare Capital sees the share plunge at Noble (CGP.SG) as an opportunity to buy as the broker is broadly optimistic about the embattled commodity trader's change in fortunes. "We see value in this opportunity," analyst Nirgunan Tiruchelvam says. Noble's shares tank to a 16-year low before going into trading halt as S&P slapped the company with a three-notch downgrade into highly speculative territory. Meanwhile, Reuters reported Monday night that state-owned Chinese firm Sinochem was no longer pursuing an investment in Noble. Tiruchelvam expects the company to rise in strength by selling assets. "It is ideal for a commodity trader to operate an asset-light business." Noble currently has a market value of S$550 million versus S$9.9 billion of assets. (saurabh.chaturvedi@wsj.com; @journosaurabh)

(END) Dow Jones Newswires

May 23, 2017 00:39 ET (04:39 GMT)

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