Dominion Lending Centres Clearlease Reports Valuation worries drive Glencore below issue price
VANCOUVER, BC (May 20, 2011) Clearlease Reports Shares in commodities trading group Glencore fell below their issue price of 530 pence on Friday May 20, 2011, the second day of conditional trading, as investors fretted over its valuation.
The world’s largest diversified commodities trader touched a low of 519 pence in unofficial grey market trade before closing at 524 pence, down 1.1 percent after more than 200 million shares changed hands, underperfoming a virtually flat FTSE index and a 0.4 percent dip in the broad mining sector.
The shares had closed on Thursday at 530 pence, exactly flat on a debut price in the middle of its indicated range, after a day of heavy volumes — more than twice Friday’s levels — that made it one of the most traded stocks in the market.
“Basically, the valuation looks a little bit rich. They worked very hard to get a favorable price and one could argue the only reason it was up yesterday was support from the sponsoring banks,” said analyst Nik Stanojevic at Brewin Dolphin.
“I think the market feels the same way. It wasn’t as if they sold this thing really cheaply with the expectation it would go up 50 percent on the first day.”
Unconditional trading begins on Tuesday in London, where Glencore’s offer of up to $11 billion is set to be the largest listing on record, and Wednesday in Hong Kong.
Glencore, the world’s largest diversified commodities trader, has said there was strong demand for its stock and it had enough buyers to cover its offering of up to $11 billion within hours of starting the sale process earlier this month.
But many investors have also expressed concern over the outlook for commodities, particularly after this month’s sell-off, and fretted over the discounts that should be applied to take account of Glencore’s conglomerate structure and of the fact it has operated away from the public eye for 37 years.
“Perhaps the fact that the float has, despite 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 percent rally remain — not exactly LinkedIn, but the first objective remains stability and garnering faith in this new currency.”
Professional social networking site LinkedIn saw its shares more than double in their public trading debut on Thursday, a far cry from Glencore’s more muted start.
At the offer price of 530 pence, Glencore has a market value of 36.7 billion pounds ($59.3 billion). It will be the fifth-largest mining-related company on the London exchange.Hong Kong, including US upscale handbag maker Coach and luggage maker Samsonite.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk
VANCOUVER, BC (May 20, 2011) Clearlease Reports Shares in commodities trading group Glencore fell below their issue price of 530 pence on Friday May 20, 2011, the second day of conditional trading, as investors fretted over its valuation.
The world’s largest diversified commodities trader touched a low of 519 pence in unofficial grey market trade before closing at 524 pence, down 1.1 percent after more than 200 million shares changed hands, underperfoming a virtually flat FTSE index and a 0.4 percent dip in the broad mining sector.
The shares had closed on Thursday at 530 pence, exactly flat on a debut price in the middle of its indicated range, after a day of heavy volumes — more than twice Friday’s levels — that made it one of the most traded stocks in the market.
“Basically, the valuation looks a little bit rich. They worked very hard to get a favorable price and one could argue the only reason it was up yesterday was support from the sponsoring banks,” said analyst Nik Stanojevic at Brewin Dolphin.
“I think the market feels the same way. It wasn’t as if they sold this thing really cheaply with the expectation it would go up 50 percent on the first day.”
Unconditional trading begins on Tuesday in London, where Glencore’s offer of up to $11 billion is set to be the largest listing on record, and Wednesday in Hong Kong.
Glencore, the world’s largest diversified commodities trader, has said there was strong demand for its stock and it had enough buyers to cover its offering of up to $11 billion within hours of starting the sale process earlier this month.
But many investors have also expressed concern over the outlook for commodities, particularly after this month’s sell-off, and fretted over the discounts that should be applied to take account of Glencore’s conglomerate structure and of the fact it has operated away from the public eye for 37 years.
“Perhaps the fact that the float has, despite 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 percent rally remain — not exactly LinkedIn, but the first objective remains stability and garnering faith in this new currency.”
Professional social networking site LinkedIn saw its shares more than double in their public trading debut on Thursday, a far cry from Glencore’s more muted start.
At the offer price of 530 pence, Glencore has a market value of 36.7 billion pounds ($59.3 billion). It will be the fifth-largest mining-related company on the London exchange.Hong Kong, including US upscale handbag maker Coach and luggage maker Samsonite.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk
Dominion Lending Centres Clearlease Reports Valuation worries drive Glencore below issue price
VANCOUVER, BC (May 20, 2011) Clearlease Reports Shares in commodities trading group Glencore fell below their issue price of 530 pence on Friday May 20, 2011, the second day of conditional trading, as investors fretted over its valuation.
The world’s largest diversified commodities trader touched a low of 519 pence in unofficial grey market trade before closing at 524 pence, down 1.1 percent after more than 200 million shares changed hands, underperfoming a virtually flat FTSE index and a 0.4 percent dip in the broad mining sector.
The shares had closed on Thursday at 530 pence, exactly flat on a debut price in the middle of its indicated range, after a day of heavy volumes — more than twice Friday’s levels — that made it one of the most traded stocks in the market.
“Basically, the valuation looks a little bit rich. They worked very hard to get a favorable price and one could argue the only reason it was up yesterday was support from the sponsoring banks,” said analyst Nik Stanojevic at Brewin Dolphin.
“I think the market feels the same way. It wasn’t as if they sold this thing really cheaply with the expectation it would go up 50 percent on the first day.”
Unconditional trading begins on Tuesday in London, where Glencore’s offer of up to $11 billion is set to be the largest listing on record, and Wednesday in Hong Kong.
Glencore, the world’s largest diversified commodities trader, has said there was strong demand for its stock and it had enough buyers to cover its offering of up to $11 billion within hours of starting the sale process earlier this month.
But many investors have also expressed concern over the outlook for commodities, particularly after this month’s sell-off, and fretted over the discounts that should be applied to take account of Glencore’s conglomerate structure and of the fact it has operated away from the public eye for 37 years.
“Perhaps the fact that the float has, despite 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 percent rally remain — not exactly LinkedIn, but the first objective remains stability and garnering faith in this new currency.”
Professional social networking site LinkedIn saw its shares more than double in their public trading debut on Thursday, a far cry from Glencore’s more muted start.
At the offer price of 530 pence, Glencore has a market value of 36.7 billion pounds ($59.3 billion). It will be the fifth-largest mining-related company on the London exchange.Hong Kong, including US upscale handbag maker Coach and luggage maker Samsonite.
For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html
About Dominion Lending Centres Clearlease
Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease
###
Video Link: http://youtu.be/f_kk7WJa7Uk