Glencore shares hit fresh all-time low


Shares in mining and commodities trading giant Glencore touched a new bottom on Friday, hit by a torrid week of analyst downgrades and fears about China's economic slowdown and commodity price weakness.

The miner fell as much as 2 percent to a new nadir of 95 pence ($1.44) per share on Friday, having tumbled below 100p per share earlier in the week for the first time since listing.

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An employee walks past coal washing flotation cells, manufactured by Jameson Cells, a unit of Glencore Xstrata
Brent Lewin I Bloomberg via Getty Images

Despite regaining some of Friday's losses later in the session, the FTSE 100-listed company, which specialises in copper, coal, nickel and zinc, is down over 20 percent on the week and 65 percent on the year.

Sources told CNBC that other market rumors had also temporarily pushed the share price lower.

A spokesperson for Glencore told CNBC that the rumors were "dangerous", "utter rubbish" and "that hedge funds were spinning" the speculation.

Glencore shares took a hit on Tuesday when Credit Suisse slashed its earnings estimates for the metals and mining sector, as well as it forecasts for China demand and commodity prices.

Glencore took a further hit on Thursday when Goldman Sachs said the company's steps to reduce debt and bolster its balance sheet were inadequate. The investment bank lowered its share-price target on Glencore to 130 pence from 170 pence. It kept its rating on the Anglo-Swiss company at "neutral" but forecast continued volatility in its stock price.

Glencore shares touch all-time low

Severely weakened copper prices have also weighed on the company shares, with the price of copper set for a 3.5 percent drop this week, its largest since the second half of July.

Big miners across the board have been hit by concerns about China—one of the world's most important commodity importers—as well as the slump in the price of oil and other commodities.