Glencore Rebounds 87% From Low to $2.5 Billion Sale Price: Chartby
Investors appear to have renewed faith in Glencore Plc Chief Executive Officer Ivan Glasenberg’s plan to turn around the fortunes of the embattled commodity trader and miner. Shares of the Swiss firm traded at 125 pence on Monday for the first time since November, and have gained 87 percent from their record low of 66.67 pence in September. The company sold $2.5 billion of new shares at 125 pence apiece earlier that month as part of a plan to lighten its $30 billion debt load amid a rout in commodity prices. The stock is still far from the 530 pence it sold at in a 2011 initial public offering.