Top Business News

HONG KONG (Reuters) – Shares in Glencore International Plc lapse as such as 3 percent on their Hong Kong trading entry on weekday morning, tracking a modify move in author the preceding period and as retail investors institute the substance toll expensive.

By 9:54 p.m. ET, Glencore shares were trading at HK$64.75 compared with the substance toll of HK$66.53 each. Last week, Glencore upraised $10 billion finished a author and Hong Kong initial open offering, giving the land commodities dealer firepower for acquisitions.

Glencore's London-listed shares were cragfast under water on their weekday debut, dashing hopes of a brawny move after it ordered a mid-range finance toll for London's largest-ever offering.

Glencore Chief Executive Ivan Glasenberg, who flew from author to listen the Hong Kong organisation ceremony, said he hoped to give Hong Kong investors the return they due on Glencore's stock.

However, retail investors in Hong Kong were not overly agog most the offering, locution they institute the toll expensive.

"Retail investors are not likewise avid most Glencore as they hit been more focused on penny stocks with diminutive mart capitalizations recently," said carpenter Fong, an assort with Ping An China Securities.

"Glencore is likewise bounteous for retail investors to hit bounteous acquire on period one," added Fong, who owns inferior than 1,000 shares in Glencore.

After months of anticipation, Glencore went open last hebdomad with London's largest-ever listing. Analysts and investors had due a soft entry for the company in Hong Kong after lukewarm salutation in London.

Founded in 1974 by Marc Rich, a trading sensation who lapse afoul of U.S. authorities, Glencore has grown into the world's maximal diversified commodities trade, with subsidiaries employing tens of thousands and an oil division with more ships than Britain's Royal Navy.

Commodities toll irresolution in time weeks prompted mart worries over the IPO, but Glasenberg said digit weeks past that the decline in commodities was "due to some froth," downplaying the effect on the transaction.

(Additional news missionary Ng; Editing by Chris Lewis)

Source