Focus on wealth management pays off May 19, 2011 AT first glance, Investec has missed forecasts with full-year operating profit of £434m: analysts had been hoping for something nearer the £450m mark. But the South African bank and wealth manager still gained the most in two-months during trading yesterday. A candidate for demotion from the FTSE100, thanks to the entry of mining giant Glencore, [...]
Energy shares drive FTSE May 19, 2011 ENERGY and banking stocks propelled Britain’s FTSE 100 higher yesterday as commodities trading giant Glencore made its London Stock Exchange debut. As the London market closed, Glencore’s shares on the grey market were trading around the widely expected launch price of 530p. Glencore will be added to the FTSE 100 index as from the start [...]
FTSE buoyed by Glencore as IMF chief quits May 19, 2011 The FTSE 100 climbed this morning as commodities giant Glencore made its debut, helping to buoy European markets. But an announcement that IMF chief Dominique Strauss-Kahn was standing down over assault charges in the US was the talk of the markets as the hunt for a successor starts. The re-building of the eurozone’s finances was [...]
Glencore stock starts trading May 18, 2011 CONDITIONAL trading kicks off in the biggest float in London’s history this morning, with newly issued shares of commodity giant Glencore expected to open at a price of 530p. That would be precisely in the middle of the 480-580p price range it set before its investor roadshow. The price values the company at $60.1bn or [...]
Land Securities and miners lead the FTSE index to gains May 18, 2011 STRONG energy stocks and miners drove Britain’s top shares higher yesterday as investors welcomed results from Land Securities. The FTSE 100 index ended up 62.49 points, or 1.1 per cent, at 5,923.49. Other London indices followed suit, with the FTSE 250 closing up 51.55 points, or 0.4 per cent at 11,887.54 and the FTSE AIM [...]
Why BP’s Arctic venture went sour May 17, 2011 LIGHTNING really has struck twice for Bob Dudley, BP’s beleaguered chief executive. Hounded out of Russia by the partners in BP’s joint venture project BP/TNK, of which he was head, Dudley went on to take the top job at BP following the Gulf of Mexico oil spill. Hailed as the man to take the oil [...]
Glencore float on track as prices shares at 530p each May 17, 2011 COMMODITIES giant Glencore is expected to price its up to $11bn (£6.7bn) initial public offering (IPO) at or above the midpoint of its previously announced range. The Swiss firm will price shares at 530p per unit or more, giving the commodities trader and miner a valuation of £36bn. Glencore had initially said its London share [...]
Glencore heads towards final strait May 16, 2011 THERE is still time for it to all go horribly wrong but the signs are very much that the commodities trader Glencore is about to pull off a major triumph with its $11-$12bn flotation. The process, which began some weeks ago but was foreshadowed by months if not years of speculation, has been played out [...]
Glencore narrows float price range May 16, 2011 GLENCORE has narrowed the price range for its $11bn (£6.8bn) float at the higher end of its range, despite a crash in commodity prices last week. The commodity trader began its investor roadshow with a 480p-580p price range, the midpoint of which values the company at around $60bn. However, it is now targeting a narrower [...]
Glencore narrows float guidance May 16, 2011 Commodities giant Glencore International has tightened guidance for its planned $11bn (£6bn) initial public offering (IPO), pushing up the mid-point of the marketing range, a source said, in a sign the commodities trader has seen stronger demand at the higher end of an indicative range. Glencore’s IPO has entered the home stretch after a two-week [...]