The mining giant published a mixed earnings report, and shed 3.1 percent as investors digested the news that it had posted a loss during the first half of the year. The miner said that it is on track to reduce its debt, and that it is selling unwanted assets to mitigate some of the damage from the recent commodities difficulties. Revenues are down 6 percent year on year, partly because of falling commodities prices. Lower copper, coal, zinc and oil production has also hit the companyís bottom line.
Glencore isnít the only miner to be struggling. Gold has fell by more than one percent, while copper is down 1.6 percent and silver is down two percent. This has had a negative impact on Anglo America, Antofagasta and BHP Billiton, who have all seen substantial declines in their share priece as a result.
One of the stronger performers of the day was marketing and advertising firm WPP. The company gained 1.9 percent yesterday after reporting that it had enjoyed an increase in its first-half sales, and that it was on track to meet its guidance for the rest of the year. Gains in WPP helped to offset the struggling commodities sector and minimise the losses in the FTSE 100 but low trading volumes overall meant that some losses were inevitable.