GLNCY Glencore Plc (PK)

Commodity mining and trading giant Glencore is among the most mentioned companies across the news items over the past six hours, according to Factiva data, after reporting a plunge in profits due to lower commodity prices. First-half profit dropped 62% on year to $4.57 billion and adjusted earnings before interest, taxes, depreciation and amortization fell 50% to $9.40 billion as coal, oil and gas prices materially declined from levels seen in 2022, and inflationary pressures and other monetary conditions weighed on copper, cobalt, nickel and zinc prices. According to Quilter Cheviot, also the $2.2 billion top-up to shareholder capital returns fell short of expectations while the lack of updates on the proposed deal for Teck Resources' coal assets is expected to be an area of focus for investors. "The shadow of a fluctuating commodity market and a seemingly cautious approach to both capital returns and strategic partnerships could define the near-term outlook for Glencore," Jamie Maddock, equity research analyst at Quilter Cheviot, says. "How the company navigates these challenges will be closely watched in the coming months." Shares trade 4.2% lower at 437.70 pence. Dow Jones & Co. owns Factiva. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

August 08, 2023 05:53 ET (09:53 GMT)

Glencore (PK) (USOTC:GLNCY)
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