Chart of the day: Glencore’s shares continue to get smashed

Glencore’s shares, after floating in 2011 (with a share price of 542p) today hit a low of only 68p. In recent days a collective of investment banks including Goldman Sachs have voiced concerns that the company may not be cutting its debt quickly enough. Investec in a recent note says "The challenging environment for mining companies leads us to the question of how much value will be left for equity holders if commodity prices do not improve.” Glencore closed at a record low of 68.62 pence in London. The stock has declined 77% this year, the worst performance in the UK's benchmark FTSE 100 Index.

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