Mining giant Glencore’s stocks are being dumped heavily again on Monday, falling by 10.5% as of 9:47 a.m. UK time (4:47 a.m. ET).
Goldman Sachs speculated last week that the company would not be able to hold onto its BBB investment-grade credit rating, and risked being downgraded to junk.
Here’s how it looks — the share price dipped below £0.90 for the first time ever, after dipping below £1.00 for the first time ever on Friday.
Other miners are suffering today, but Antofagasta, Anglo American, BHP Billiton and Rio Tinto are all down by between 1% and 3%, not the double-digit collapse Glencore is pressing against.
Since the end of April, it’s been one long grind, with Glencore share prices sliding ever-lower, tracking tumbling commodities. In fact, the shares have lost more than two-thirds of their value over the period:
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