Glencore shares surged to close well over 16 percent higher on the London Stock Exchange on Monday, having gained as much as 72 percent in Hong Kong overnight. This came on reports that the embattled mining giant was in talks with a few parties, including Saudi Arabia's sovereign wealth fund, to sell a stake in its agricultural business. This would likely be with the aim of cutting its debt load.
Glencore however said "it is not aware of any reasons for these price and volume movements", in a statement on Monday morning.
In general, basic resources companies performed well on Monday. Lonmin shares leaped over 20 percent into the close, while Arcelormittal closed well over 8 percent higher after Citigroup raised its outlook on the stock the "buy" from "sell."
Only a cluster of European stocks closed in the red on Monday. The worst performer on the STOXX 600 was German agricultural chemical company K+S, whose shares closed nearly 25 percent lower after Canada's Potash Corp withdrew its 7.9 billion ($8.9 billion) bid.
Underperformers also included French airline Air France-KLM, which closed 0.7 percent higher. The carrier is expected to cut around 2,900 jobs and a meeting discuss the matter was stormed by angry staff on Monday.