Besieged commodity trader gets vote of confidence

Singapore

GLENCORE Plc, the commodity trader whose shares lost almost a third of their value in a day, just got a vote of confidence from Citigroup Inc.

The company doesn't have a stressed balance sheet, has the ability to sell assets to stem the rout and is rated as a "buy", according to the New York-based bank. And if the stock extends losses, management should simply take it private, Citigroup said in a report.