Mining group Glencore has revealed it is considering moving its main stock market listing away from London in what could mark yet another blow to the capital’s market.
Gary Nagle, chief executive of Switzerland-based Glencore, told reporters after unveiling annual results that the group is looking at whether other exchanges are “better suited to trade our securities”.
The FTSE 100 firm’s primary listing is currently in London, although it is also listed on the Johannesburg Stock Exchange.
We want to ensure that our securities are traded on the right exchange, where we can get the right valuation
Mr Nagle said: “We want to ensure that our securities are traded on the right exchange, where we can get the right valuation.
“If there’s a better one, and those include the likes of the New York Stock Exchange, we have to consider that.”
Glencore, which listed in London 14 years ago in a blockbuster flotation, made the comments after it posted a 1.6 billion US dollar loss (£1.3 billion) for 2024 against a 4.3 billion dollar (£3.4 billion) net income in 2023 after being hit by impairments.
If the firm decides to ditch its primary listing in London it would see the group leave the FTSE 100 Index and add to a growing list of firms abandoning the London Stock Exchange in favour of overseas rivals.
📢We've released our 2024 Full Year Results.
— Glencore (@Glencore) February 19, 2025
"Operationally, 2024 was a strong year for Glencore. Our Industrial assets delivered full year production numbers within guidance, which together with the addition of Elk Valley Resources' steelmaking coal volumes from July 2024,… pic.twitter.com/orJcTH4XXI
Firms that have switched include Paddy Power gambling giant Flutter and building materials group CRH, which both moved their main listings to New York in the past two years.
FTSE 100 construction rental firm Ashtead also said in December that it planned to shift its primary listing to New York.
And consumer group Unilever said earlier this month that it plans to give its Ben & Jerry’s and Magnum ice cream business a primary stock market listing in Amsterdam when it is spun off later this year, with additional listings in London and New York.
