Update: Glencore shares enjoy bounce-back after Hong Kong-led surge
[LONDON] Shares in trader and miner Glencore surged as much as 20 per cent in London on Monday, following a 25-per cent leap on the Hong Kong market, as hopes for deal-making trumped worries over a slump in metals prices.
Reuters reported on Friday that Glencore was in talks with a Saudi Arabian sovereign wealth fund and China's state-backed grain trader COFCO, along with Canadian pension funds, to sell a stake in its agricultural assets.
Glencore shares were up 9.4 per cent at 0725 GMT, at 104.15 pence, after giving up some of their earlier gains. The stock has recouped all of its losses from the past week, with several brokers saying a recent sell-off was overdone as the company had the ability to withstand the crunch on commodity prices.
Glencore said that it was not aware of any reasons for the price and volume movements in Hong Kong.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
India's Vedanta misses Q4 profit estimates on lower prices
BHP targets Anglo American in bid valuing miner at US$39 billion
China's Sinopec charts global expansion with refinery in rival India's backyard
Gold trades in tight range as market focuses on US economic data
Oil settles lower as US business activity cools, concerns over Middle East ease
Orsted says Taiwan wind project to power TSMC on track for 2025 finish