Glencore, Anglo rally loses steam as miners deliver on debt cuts

August 23, 2016

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Rescue plans unveiled by embattled mining companies Glencore Plc and Anglo American Plc in the past year have won over investors. Yet a rally in the stocks is stalling this month. Glencore is barely changed in August and Anglo is up less than 4% after they more than doubled in the year through July. For Glencore, there are now fewer catalysts for gains as the Swiss company is closer to completing a $13-billion debt reduction plan, according to Macquarie Group Ltd. analyst Alon Olsha, who downgraded the stock to neutral last week because of the rally.

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