GLNCY Glencore Plc (PK)

Shares in commodities giant Glencore have jumped higher again, opening up 15% in London after even bigger gains in Hong Kong earlier, continuing a recent pattern of volatile trading as management seeks to deflect worries about the group's finances amid falling commodity prices.

A rise of as much as 71% in the group's share price in heavy trading in Asia on Monday triggered a statement from Glencore to assure investors there was no new announcement on its part to explain the gains.

Glencore "confirms that it is not aware of any reasons for these price and volume movements or of any information which must be announced to avoid a false market in the Company's securities or of any inside information that needs to be disclosed," the company said in a statement to the Stock Exchange of Hong Kong at the bourse's request.

The mining and commodities-trading group has been on a communications offensive for several days after a sharp drop in the group's stock price at the end of last month.

In conversations with analysts and investors, Glencore Chief Executive Ivan Glasenberg and other officials have stressed they aren't worried about a possible credit rating downgrade, one factor that has weighed 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 company's shares were up 12% in London at £ 1.05 around 0725 GMT, still leaving the stock down nearly 68% so far this year.

Write to Matthew Curtin at matthew.curtin@wsj.com

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(END) Dow Jones Newswires

October 05, 2015 04:55 ET (08:55 GMT)

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