Credit facility lifts Glencore Xstrata

By DOMINIC JEFF
Published 14th Jun 2013, 22:55 BST
Glencore Xstrata topped the blue chip risers’ board yesterday after brokers praised its new $17.3 billion (£11.1bn) credit deal. The shares added 3.2 per cent at 315.9p with traders also encouraged by the appointment of former Morgan Stanley boss and renowned cost-cutter John Mack as a senior director.

Ronnie Chopra, head of strategy at Tradenext, said: “In our view developments have created an ideal cut-price opportunity to buy into one of the largest diversified miners in the world. Our end-of-year target is 400p as cost-cutting measures and improved margins come through.”

The FTSE 100 index had a day of relative calm following recent selling, closing just 3.63 points higher at 6,308.26.

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