Glencore, Anglo Rally Loses Steam as Miners Deliver on Debt Cuts
- Shares have surged this year as miners sell assets, raise cash
- Harris Associates has reduced its stake in Glencore to 6%
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Rescue plans unveiled by embattled mining companies Glencore Plc and Anglo American Plc in the past year have won over investors. Yet a rally in the stocks is stalling this month.
Glencore is barely changed in August and Anglo is up less than 4 percent after they more than doubled in the year through July. For Glencore, there are now fewer catalysts for gains as the Swiss company is closer to completing a $13 billion debt reduction plan, according to Macquarie Group Ltd. analyst Alon Olsha, who downgraded the stock to neutral last week because of the rally.