There’s nothing like a good rumour to send stock markets wild with excitement. Glencore’s shares rocketed more than 70% in Hong Kong before see-sawing back down, after a report that its management would be open to takeover offers.
The beleaguered commodities trader ‘would listen to offers’, but doesn’t think there are any buyers out there at the moment willing (and, one would think, able in an era of falling commodity prices) to pay what they see as a fair price, according to The Sunday Telegraph.
That sent its shares (which are traded in relatively lower volumes in Hong Kong) bouncing as high as HK$18.36 (£1.56), before they fell back to HK$12.60. They then opened 20% higher in London, then dropped sharply to trade around 8.6% higher at 103.2p in mid-morning trading.