Shares of Glencore PLC have rallied 68% over the five past sessions as reassurances from management and speculation of asset sales have drawn investors back to the beaten-down stock. The shares rallied 21% on Monday alone after reports the embattled mining giant might sell its agricultural assets to reduce debt. The stock surged more than 70% at one point in Asian trade, prompting the Stock Exchange in Hong Kong to ask the company for an explanation. However, the commodities company said “it is not aware of any reasons for these price and volume movements.” The mining and energy-trading giant also said it “has taken proactive steps to position our company to withstand current commodity market conditions.” Concerns of a global economic down have caused commodity prices to crater over the past several weeks and have taken down the commodity-focused firm along for the ride. The London-listed shares closed at the highest level in two weeks on Monday, more than recovering from their29% slide posted last Monday.
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From:: Stock Market News