Glencore share price history: A timeline of what went wrong from record drops to credit rating outlook fears
The commodity price rout and concerns over a slowdown in the Chinese economy have helped send Glencore shares around 70 per cent lower this year – making it the worst performer on Britain's FTSE 100.
And shares in the embattled commodities miner and trader continued their downwards trajectory today, after a particularly bearish note from analysts over at Investec.
Investment bank Goldman Sachs, as well as credit ratings agency Standard & Poor's, have also flagged concerns over the company's outlook in recent months, after copper and coal, two of the firm’s key products, sank to six-year lows.
But Glencore has a plan to help it weather a bout of low commodity prices – it's trying to slash its debt by $10bn, including a $2.5bn capital raising. Glencore also said it planned to make $2bn from asset sales.
So far investors are yet to be fully convinced – here's everything that's moved the stock recently.
| 28 Sep 2015 |
Glencore shares hit a new record low after analysts at Investec raise doubts over Glencore's valuation if spot metal prices do not improve |
| 24 Sep 2015 |
Goldman Sachs suggests a further fall in the price of copper could jeopardise the company's credit rating. |
| 22 Sept 2015 |
Shares slump below the 100p per share threshold for the first time since it listed in 2011, as copper prices also fall to a two-well low. |
| 16 Sep 2015 |
Stock closes up again after a £1.6bn share placing reassures investors Glencore could turn its fortunes around. |
| 7 Sep 2015 |
Shares rise as Glencore unveils plans for an equity capital raising of up to $2.5bn, alongside the raft of capital preservation and debt reduction measures, which include suspending its 2015 final dividend and the 2016 interim dividend. The group also says it's hired bankers from Citi and Morgan Stanley to help it make $2bn from asset sales. |
| 3 Sep 2015 |
Credit ratings agency Standard & Poor's cuts its outlook for Glencore to "negative" from "stable" amid a rout in copper prices, as well as a slowing Chinese economy. "Continued weakness and volatility in commodity prices resulting notably from a more uncertain and challenging outlook in China may put additional pressure on operations, credit measures, and free cash flow," it says. |
| 19 Aug 2015 |
Glencore shares slump after it announces a 29 per cent slump in its first-half earnings. While the losses are less than expected due to the performance of its trading arm, Glencore also lowers the division's projected earnings. |
| 14 Jan 2015 |
After a sudden collapse in copper prices, miners lead the FTSE 100 lower. Glencore's shares sink nine per cent. |
| 7 Oct 2014 |
After a will-they-won't-they battle which has lasted the summer, Glencore rules itself out as a potential buyer of troubled rival Rio Tinto for "at least six months". Had a deal taken place, it would have created a £100bn giant – the biggest miner in the world. |
| 20 Aug 2014 |
The company announces a $1bn share buyback programme as earnings jump eight per cent, after the $7bn sale of its Peruvian Las Bambas copper mine. |
| 26 Jun 2014 |
Glencore becomes the last company on the FTSE 100 to appoint a woman to its board. Better late than never… |
| 3 May 2013 |
Glencore and Xstrata finally complete their merger, after more than a year of negotiations. |
| 2 Feb 2012 |
Glencore and rival Xstrata admit they're in talks to create a £50bn global mining group. The news sends Xstrata shares up 10 per cent, while Glencore shares rise seven per cent. |
| 24 May 2011 |
Glencore joins London's blue-chip index with shares priced at 530p, giving it a market capitalisation of $59.2bn. |