Friday, May 20, 2011

FTSE rises sharply after Glencore flotation

London  - shares of pink London Thursday, with the mining sector, supported by the flotation of Swiss Glencore goods giant.


The FTSE 100 index rose 0.98% to 5,981.46 points, approaching noon.


The market has already staged a technical rebound Wednesday after recent falls, taking his head to firmer prices.


Glencore, trader of more products in the world by revenue, said Thursday that he had raised about 10 billion (EUR 7.0 billion) through a set of the initial public offer at 530 pence per share.


At this price, the group is $ 59.2 billion and flotation mark the biggest IPO so far this year.


Immediately pushed strong unofficial trade market price.


"Offer of Glencore has seen a substantial interest of investors around the world and was significantly oversubscribed during the price range providing Glencore with a high quality, diverse and distributed geographically the investor base," said Ivan Glasenberg"Glencore, Director General.


The company, based in Baar, set on Thursday the final price for the introduction on the stock exchange to 530 pence in the 480-580 pence range which it had announced in early May.


Conditional - unofficial trade shares on the condition that they will be eventually be fully listed on the stock market - began Thursday on the London Stock Exchange, and the price rose to 548 pence shortly after the market opened at 0700 GMT. Later, he stood at 545 pence.


Official trade full shares will begin May 24 in London and Hong Kong on May 25.

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