19th August 2015
Shares in Glencore slumped to their lowest since the firm’s IPO four years ago after the resources giant saw a steep fall in profits.
The company’s stock slid by as much as nine per cent in morning trading in London as it posted a 56 per cent drop in first-half profits.
Glencore has suffered from a depressed commodities market as China’s pace of expansion has slowed to its weakest in a quarter of a century.
Key commodity prices like copper, iron ore and oil are at their lowest in six years, amid concerns about China’s growth and wider worries about the health of the global economy.
Glencore’s share price has fallen by more than 40 per cent this year, versus a 26 per cent fall in the FTSE 350 mining index.
But chief executive Ivan Glasenberg said Glencore remains “by far the most diversified commodity producer” and that the company is “well positioned to benefit from any improvement in pricing when it finally and inevitably materialises”.
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