Publication Date:
Tue, 2011-05-24 16:03
The Swiss-based company’s stock was up 2.2 percent at 525.5 pence ($8.48) in early trade on the London Stock Exchange.
The offer price of 530 pence per share had valued the company at 36.7 billion pounds, but the market launch has coincided with sharp falls in commodities prices because of worries about Chinese demand and European economic recovery.
The stock hit a low of 506 pence during conditional trading, which began a week ago.
Glencore chief executive Ivan Glasenberg has said the recent drop in commodities prices is “froth” that will not affect the company’s prospects.
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