Glencore launches $1bn share buyback days after US subpoena – The Wall Street Journal

JOHANNESBURG — The most recent major share buyback South African investors countered was Steinhoff's R5 billion deal, which happened a couple months before the floor fell out from underneath the then JSE darling. So while Glencore's picture is somewhat clearer, the US subpoena has been made public, the intentions of both buybacks seem similar – an attempt to shore up investor confidence. The Glencore stock fell 10 percent after the US subpoena news filtered through, and then gained 3 percent after the $1 billion buyback was launched. So while investor sentiment may have improved slightly, Glencore shares are actually down 16% year to date, compared with advances by its mining-giant rivals. – Stuart Lowman

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