Biggest Miners Not Blue Chips Anymore as Volatility Whips Stocks
- Anglo American is most volatile stock in the Stoxx Europe 600
- “It beggars belief,” said Des Kilalea, analyst at RBC
Bucket wheel reclaimers operate at the Newcastle Coal Terminal in Newcastle, north of Sydney, Australia.
Photographer: Ian Waldie/BloombergThis article is for subscribers only.
They’re some of the world’s biggest mining companies with operations spanning the globe, thousands of employees and decades of history. In the market, they’re being whipped around like the latest speculative hot stock.
Anglo American Plc has become the most volatile stock in the Stoxx Europe 600 Index. Shares of the 99-year-old company surged 14 percent on Thursday, and the gain was mostly wiped out the following day. Glencore Plc recently had weekly moves exceeding 10 percent. Even BHP Billiton Plc, the largest mining company, is seeing bigger swings than anytime since 2009.