Glencore shares climb after profit spike in first half

Glencore's share price has risen in early trading after the group reported a 57% increase in profits for the first half of the year.

The Swiss-based, London listed commodities giant earned $2.47bn for the first six months of the year, with revenues at the top end of analysts estimates. The results drove shares up 1.4% or 5.45p, to 395p, in early trading. The gains outstripped the FTSE 100 which was ahead 0.3% or 17 points, at 5,222. Despite the gains, Glencore's price remains well below its offer price when it listed earlier this year. In May the group entered the London market at 530p, but shares fell as short sellers rounded on the stock. In its results today Ivan Glasenberg, the group's chief executive, wa...