Noble/Olam

Noble/Olam: UBS quote the 2 commodities traders as ‘Down but not Out.’ Note that
Noble and Olam down 11% and 13% respectively from their mthly peaks, as lack of liquidity, US$ strength and US debt concerns coupled with Chinese food, labour and cost inflation are all bad news for commodities demand.
However, think Noble and Olam’s attractive earnings outlook remains intact, as Noble’s fundamentals remains intact and expect strong Q2 profits. Add that Olam also on track to deliver strong full-year result.