Glencore became the latest company to warn it could ditch its London listing today after the miner’s boss said the FTSE 100 company could shift its listing from the London Stock Exchange to “get the right valuation”.
Speaking to the media after the group’s results, Glencore chief Gary Nagle said that questions had been raised over whether the UK was the right place for Glencore.
“We want to ensure that our securities are traded on the right exchange, where we can get the right valuation,” he said following the release of Glencore’s results this morning.
“If there’s a better one, and those include the likes of the New York Stock Exchange, we have to consider that.”
“The UK market could face a fresh blow to its prestige” if Glencore moved abroad, warned AJ Bell head of investment analysis Laith Khalaf.
The miner would join a long list of big names to ditch the London Stock Exchange in recent years, including Darktrace, Paddy Power-owner Flutter, and Ashtead.
In total, almost 90 companies were delisted from the bourse in 2024 alone.
This is not the first time rumours have swirled over Glencore leaving London. Last year, activist investor Tribeca began lobbying for Glencore to ditch its listing, claiming that the London Stock Exchange was no longer the “home of mining”.
The push came after FTSE 100 mining giant BHP cancelled its London listing to head to Australia in 2022, though many other miners have decided to stick with the UK.
Glencore was listed in London in May 2011, in the biggest float on the stock exchange. Its stock price has fallen by more than a third since then but it is still the 16th largest company in the UK.
This morning, falling profit and earnings announced in preliminary annual results led the miner’s stock price to fall seven per cent in early trading.