Glencore Keeps London Listing, Scraps New York Move After Earnings Slide

Glencore Plc has abandoned plans to shift its primary listing from the London Stock Exchange to New York, saying a relocation would not create additional value for shareholders. Chief Executive Officer Gary Nagle said an extensive review found limited benefits and concluded the company was unlikely to gain inclusion in the S&P 500, a key consideration for attracting U.S. index-tracking funds. The decision marks a rare victory for London’s equity market, which has been hit by a series of high-profile departures as firms pursue higher valuations overseas. It contrasts with recent moves by companies such as TUI and Just Eat Takeaway and dovetails with U.K. efforts to streamline listing rules to keep companies at home. Glencore announced the reversal alongside interim results showing first-half adjusted earnings fell 14% year on year, pressured by weaker coal prices and lower copper production. Cash generation also weakened, and net debt increased, prompting the Swiss-based miner and commodity trader to launch a $1 billion cost-cutting programme aimed at shoring up profitability. Shares slipped about 4% after the update and are down 26% over the past 12 months. Glencore said it would continue to monitor market conditions and keep the listing option "under review," even as it focuses on reviving its share price in London.