GLNCY Glencore Plc (PK)

By Razak Musah Baba and Alex MacDonald 

LONDON-- Glencore PLC shares opened marginally higher in London but remained volatile as investors continued to weigh efforts by management to restore confidence in the Swiss commodity firm's finances amid weak commodity prices.

Shares traded between 0.6% and 1.2% higher early Friday.

Glencore's representatives have met with investors and analysts over the past day in an effort to stem the decline in its share price, which dropped 29% on Monday and has fallen by more than 72% over the past 12 months.

Analysts at Barclays reported that Glencore officials had stressed they aren't worried about a possible credit rating downgrade--a factor that has weighed heavily on the firm's share price in recent days. Glencore has almost $30 billion in net debt and as much as $18 billion in short-term credit used for trading.

It lost $676 million in the first half of 2015, and its debt levels have sent investors fleeing. The stock price has fallen by nearly three-quarters since 2013, when the company merged with Xstrata, one of the world's biggest mining companies, in a $29.5 billion deal.

Glencore executives are trying to stop the bleeding by selling assets and cutting billions of dollars in debt. The company last month said it would suspend its dividend and raise $2.5 billion in a share offering.

The firm's shares seesawed sharply on Thursday as investors weighed the commodities giant's outlook during private meetings, rising more than 8% to an intraday high of 99.17 pence ($1.50) a share before falling into the red and closing down 0.58% at 91.02 pence.

Write to Razak Musah Baba at Razak.Baba@wsj.com and Alex MacDonald at alex.macdonald@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

October 02, 2015 05:56 ET (09:56 GMT)

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