Noble Group Limited Leads the Market Lower This Week

Singapore’s market bellwether, the Straits Times Index  (SGX: ^STI), slumped 1% this week to close at 3,403 points. Of the index’s 30 component stocks, 21 suffered a weekly loss, six were in the green, while the rest ended the week unchanged.

The biggest loser in the index was none other than commodity firm, Noble Group Limited (SGX: N21). It slumped 8.9% to S$0.975 after having an eventful week.

On Thursday, Iceberg Research, a relatively unknown research firm, came up with an investing report on the firm, criticising the quality of the firm’s profits. This is the second report on Noble that’s released by Iceberg Research.  Noble’s Chief Executive Officer, Yusuf Alireza, said that a displeased former employee is likely to be the one behind the damning reports.

In any case, Noble Group also released financial results for its fiscal fourth quarter on the same day.  The commodity trading firm’s quarterly performance was poor as it had posted a loss of US$240 million for the period, its first quarterly loss in three years.

Meanwhile, the biggest weekly winner in the Straits Times Index was logistics outfit, Global Logistics Properties Limited (SGX: MC0). The firm owns modern logistics facilities in China, Japan, and Brazil and serves more than 700 customers worldwide. It finished the week at S$2.59, up 3.2% from last week’s close of S$2.51.

On Friday, Global Logistic Properties announced that it had acquired “one of the largest logistics platforms in the United States for US$8.1 billion.” The firm will hold a 55% stake in the portfolio initially and will be the asset manager. It expects to pare down its stake to around 10% by August this year.

Starhub Ltd (SGX: CC3), which released its fourth quarter and full year results on Wednesday, saw a slight 0.9% decline in share price. It closed at S$4.29 on Friday. The telco’s top-line for 2014 was at S$2.39 billion, a small increase over the figure of S$2.37 billion seen in 2013. Net profit however, declined by 2.4% year-on-year to S$370.5 million.

The STI is currently going at 14.1 times its historical earnings.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice. Motley Fool Singapore contributor Sudhan P doesn't own shares in any company mentioned.