Noble

Noble: +1.3% at $1.13, possibly bolstered by analysts tipping brighter outlooks for resources stocks, recently decked by eurozone-debt and economic-slowdown concerns; Noble is exposed to coal and metals. Citi sees opportunities in Australian resources stocks; noting that despite the euro-zone debt crisis, global economic growth has held up reasonably well and may continue to do so as a disruptive Greek exit is becoming less imminent; with China now focused on maintaining growth, global industrial production could continue to grow at or even a little above trend. CLSA shares a similar view on the China resources sector; recommend adding exposure in an opportunistic manner given that valuations are cheap, the sector appears 'under-owned' by generalist investors and as we expect Chinese macro data and sentiment to improve in 2H12." Bid-ask spreads suggest the $1.15 intraday high may cap gains.