Glencore stock is tanking again. It was also going so well on Thursday morning.
The mining company’s stock was up more than 5%, trading at around 96 pence at the open. That was a stunning comeback for the stock, which was less than 70 pence at the start of the week.
But as of 1:20 p.m. UK time, the shares are sinking below 90 pence again.
Here’s what that looks like:
The company’s debt is still performing terribly. Traders are pricing Glencore bonds like junk, according to a report in the Financial Times. Bonds maturing next year are yielding 13%. The company has more than $US36 billion in outstanding debt.
Here are the rest of the major European markets:
UK’s FTSE: +0.82%
Germany’s DAX: -0.37%
France’s CAC40: +0.40%
Spain’s IBEX: +1.04%
And this is what’s happened to the Euro Stoxx 50, which is an index of Europe’s biggest publicly listed companies.
It’s had a volatile day, and is currently just ahead on 0.11%: