Short sellers move in as Glencore enters FTSE 100

Shortsellers rounded on Glencore on the first day of official trading of shares in the commodities giant, casting a shadow over its blockbuster £37bn listing on the London stock exchange, the Guardian reports.

This morning as it opened trading on the FTSE 100, Glencore shares fell 1.24% to 518.6p. Yesterday the company saw its shares close at 525p against an offer price of 530p. Although the stock rose 2% on the day, market watchers said the rise was muted as shortsellers sought out the shares to make a killing in the hope they would fall further. Some shortsellers were buying options on the shares in the derivatives market, betting on continuing falls in the stock price in the weeks ahead. Glencore's float, although oversubscribed, has been knocked by a sell off in the commodities ma...