STOCKS NEWS SINGAPORE-Noble shares at 8-week high on strong earnings

Shares of commodity trader Noble Group rose as

much as 5.4 percent to an eight-week high after it reported

strong quarterly earnings and several brokerages raised their

target prices on the firm.

Noble recorded a 39.3 percent rise in its April-June net

profit, helped by a rise in sales and strong volume growth.

OCBC Investment Research upgraded Noble to 'buy' from 'hold'

and raised its target price to S$1.28 from S$1.21, as it expects

stronger revenue for the year.

Although Noble saw higher volumes and a record tonnage of

107 million in the first half, operating margins were lower,

OCBC noted.

CIMB Research also raised its target price for Noble to

S$1.46 from S$1.42, and kept its 'outperform' rating, as it

expects its South American grain origination business to benefit

from the U.S. drought.

"Profits will strengthen in the second half as sugar

harvesting peaks," said CIMB in a report, raising its 2012-2014

earnings per share estimates by 1-3 percent.

0912 (0112 GMT)

(Reporting by Charmian Kok in Singapore;

charmian.kok@thomsonreuters.com)

Source: http://news.yahoo.com/stocks-news-singapore-noble-shares-8-week-high-012107901--sector.html

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