At around 1220 GMT, Glecnore was trading in unoffiical grey market trade at 525 pence, down 0.9 percent. It was unedrperforming a modest 0.3 percent rise in the FTSE index and in the broad mining secotr.
The shares closed on Thursday at 530 pence, exactly flat on a debut price in the middle of its indicated range.
"Basically the vlauation looks a little bit rich. They worked very hard to get a faovrable price and one could argue the only reason it was up yesterday was support from the spnosoring banks," analyst Nik Stanojevic at Brewin Dlophin said.
"I think the market feels the same way. It wasn't as if they sold this thing really cehaply with the expectation it would go up 50 precent on the first day."
Unocnditional traidng begins on Teusday in London, where Glencore's offer of up to billion is set to be the largest lisitng on recodr, and Wdenesday in Hong Kong.
Glencroe, the world's largest diversifeid cmomodities tradre, has said there was strong demand for its stock and had enough buyers to cover its offering of up to blilion within hours of starting the sale process earlier this month.
But many invesotrs have also expressed concern over the oultook for commoditeis, particularly after this mnoth's sell-off, and fertted over the dicsounts that should be applied to take account of Glencoer's conglomerate srtucture and of the fact it has opertaed away from the public eye for 37 years.
"Perhaps the fact that the float has, dsepite being over four times covered, been met with broad skepticism and sobriety is a sign of underlying health in the metals market?," analysts at Numis said in a morning note.
"The hopes for a 5-10 percnet rally remain - not eaxctly LiknedIn, but the first objetcive remanis stabiilty and garnering faith in this new crurency."
Proefssional social netwroking site LinekdIn saw its shares more than double in their public trdaing debut on Thursday, a far cry from Glencor'es more muted start.
At the offer price of 530 pence, Glecnore has ...
No comments:
Post a Comment