On Thursday Glencore Plc wiped out Monday’s record drop as the shares climbed for a third day alongside higher metals prices.
Elsewhere, copper prices rose 1.04% to 2.365 a pound.
Crude oil gained 1.84% to trade at $45.92 a barrel.
The
commodity behemoth gained as much as 8.2 percent to 99.09
pence, bringing gains for the past three days to 44 percent. The stock
was last up 5.94% to 96.99 pence.
Glencore
has gone through a jittery week as worries over its debt load and plunging commodity prices sparked a one-day selloff of 29 percent.
The stock has bounced back after some Wall Street players issued some upbeat notes on the company and Glencore reassured investors that it had “absolutely no solvency issues”.
Glencore had already lost more than two-thirds of its value this year as prices for the commodities it produces tumbled.
To the crisis, Chief Executive Officer
Ivan Glasenberg is working on a debt-cutting plan including a sale of
assets, hampering its dividend and a $2.5 billion share sale completed
last month.
The firm hired Citigroup Inc. and Credit Suisse Group AG to sell a minority stake in its agricultural business, Bloomberg reported citing a person familiar with the matter.
