19th Feb 2025 10:19
(Alliance News) - Glencore PLC on Wednesday said it may consider transferring its primary listing out of London if it becomes clear that another venue would be a "better one".
Speaking at a post-earnings call, Chief Executive Gary Nagle said the miner and commodity trader "ultimately" wants to ensure its shares are traded at the "right exchange".
Glencore is a FTSE 100 constituent owed to its size and primary listing in London. Should it move its primary listing away from London, it would no longer form part of the FTSE 100 and would deliver another big blow to London as a financial centre. Glencore is also listed on the Johannesburg Stock Exchange.
"If there's a better one, and those include the likes of the New York Stock Exchange, we have to consider that," Nagle said.
Glencore earlier Wednesday had reported a swing to an annual loss as cost of goods sold increased faster than revenue growth.
The Baar, Switzerland-based firm, however, hailed a "strong" 2024, and it announced a "top-up" share buyback of USD1.0 billion, as well as a cash distribution of around USD1.2 billion.
Glencore shares were 6.3% lower at 331.38 pence each in London on Wednesday morning. Just after midday in Johannesburg, it was down 4.9% at ZAR77.95. It has a market capitalisation of GBP40.31 billion.
By Eric Cunha, Alliance News news editor
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