Market News Glencore says production, commodities price up |
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GENEVA (AP) ?€" Shares in Swiss-based commodities company Glencore International AG rose on its announcement Thursday that it has increased its metals, coal and agricultural production during the first nine months of the year. "Despite the financial market uncertainty and some weather and equipment-driven disruptions, Glencore's overall healthy operational and financial performance has continued through Q3 2011," the company said in a statement. Glencore shares rose 1.7 percent to 412.05 pence ($650.02) by late afternoon on the London Stock Exchange. Last year, Glencore posted a net profit of $979 million for the third quarter. Its latest production update didn't provide a breakdown of quarterly profits as the company switched to half-yearly reporting in line with industry peers following a $10 billion IPO in May. Glencore reports its full-year results March 5, 2012. Investors have been watching to see whether the company would use its cash reserves to make a major purchase, but so far Glencore has been continuing its strategy of smaller acquisitions. Glencore said Wednesday that it would seek to make a mandatory offer, rather than a previously announced general offer, for a controlling stake in South Africa's Optimum Coal. The bid values Optimum at just over $1 billion. Authors: Commodities - Yahoo! News Search Results |
