Glencore has taken out a big bet on North Sea oil May 13, 2016 Embattled miner and trader Glencore has taken out a big bet on the equally troubled North Sea oil and gas industry. Both have been hit by the commodity price rout, in which oil prices tumbled from over $110 per barrel to below $30 earlier this year. The Swiss firm built up one of the largest positions in [...]
At the close: FTSE 100 slips on the falling oil price as poor China data weighs heavy May 9, 2016 The FTSE 100 has managed to erase all its earlier gains to close down, adding to the worst weekly performance since February and marking the third straight week of losses. The blue-chip index finished 0.2 per cent lower at 6,114.81 after falling 1.9 per cent last week. The index is down around two per cent so far this year and 15 per [...]
Glencore could net $2bn from sale of Vasilkovskoye gold mine in Kazakhstan May 3, 2016 Embattled mining and commodities firm Glencore was yesterday reported to be considering the sale of its Vasilkovskoye gold mine in Kazakhstan. A source told Reuters that “a sale is one of the options,” confirming an earlier report in the Financial Times. Two other sources, speaking on condition of anonymity, said $2bn (£1.45bn) worth of assets [...]
At the close: FTSE 100 goes away in May as miners prove the movers May 3, 2016 Traders are superstitious folk, and today – the first day of trading in the month of May – they headed for the hills as the FTSE 100 tumbled to a three-week low. The bluechip index closed down 0.9 per cent on the day at 6,185 in a bad day all round for Europe. The German Dax [...]
Industry veteran Tom Albanese says the only way is up for metal prices April 29, 2016 Mining industry veteran Tom Albanese has said that the worst is over for metal markets which have been ripsawed by excess supply coupled with waning demand. Albanese, who is chief executive of Vedanta and former boss of Rio Tinto, said on a conference call today: "I believe with what we’ve witnessed early in 2016 will be the [...]
At the close: Miners send the FTSE higher as the banking roller coaster rolls on April 28, 2016 The FTSE 100 has somewhat recovered after a dreadful afternoon and has managed to pick up from earlier lows thanks to a rally in oil prices. The FTSE ended the day flat at 6,322.4 points, up just two points from 6,319.91 on Wednesday. Investors were initially caught off-guard by the news that the Bank of Japan would not extend its stimulus plan. [...]
Glencore’s biggest shareholder reduces stake in embattled miner April 26, 2016 Glencore's biggest shareholder has reduced its stake in the embattled miner and trader which has been whipsawed by tumbling commodity prices. The Qatar Investment Authority (QIA) today took its holding below nine per cent according to a regulatory filing. Read more: Glencore's chief executive took home £1.1m last year Today's move could surprise some investors, given [...]
FTSE fightback: Markets surge to reach fresh 2016 highs as optimism returns to the City April 19, 2016 The FTSE 100 enjoyed a spring rally today as stocks surged on the back of a rebound in the price of oil. The index of bluechip companies closed at its highest level since December 2015, up 0.8 per cent on the day at 6,405. It marks a far cry from the dark days of February, [...]
The FTSE 100 just hit a 2016 high April 19, 2016 Is this a sign stock market volatility has begun to ebb? The FTSE 100 hit its highest level in 2016 this morning, as a strike in Kuwait continued to do what this weekend's Opec summit in Doha couldn't: push oil prices up. The FTSE rose 0.5 per cent to 6,382 points in the first half-hour of trading, [...]
Citigroup says commodities rout is finally over April 18, 2016 Citigroup has called an end to the commodities rout which has sent shockwaves through the global economy, and pummelled the balance sheets of mining giants. "There is growing evidence that virtually all commodities have stared at a price bottom and are groping for a return to normal," Citigroup analysts wrote in a note received today. [...]