Quick overview
- Glencore shares rose 2.56% to close above R119, recovering from a recent decline after strong first-half earnings.
- The company reported an 86% increase in adjusted EBITDA to $10.1 billion and a profit of $4.4 billion, reversing a loss from the previous year.
- Glencore plans to list on the Australian Securities Exchange on October 14, aiming to expand its access to mining investment markets.
- The company has also joined the U.S. VaultCo initiative to strengthen critical-mineral supply chains, supported by a $500 million commitment from the U.S. Export-Import Bank.
Glencore shares regained momentum on Thursday as investors responded to plans for an October Australian listing and strong first-half earnings, while the company continues to benefit from elevated commodity-market volatility.
Glencore Stock Rises Above R119
Glencore shares climbed 2.56% on Thursday, closing above R119 despite weakness across much of the JSE 40. The gain comes after a two-week retreat from record highs reached in early September.
Earlier, Glencore shares surged to approximately R138 following a powerful first-half 2026 earnings report. The commodities group benefited from stronger commodity prices and favorable trading conditions across global energy markets.
Adjusted EBITDA jumped 86% to $10.1 billion, while revenue increased 49% to $174.43 billion. Glencore also swung from a $655 million loss a year earlier to a $4.4 billion profit.
The results highlighted the contribution of Glencore’s diversified mining and trading operations during periods of elevated commodity and energy-market volatility.
Glencore Targets October ASX Listing
According to Reuters, Glencore expects to begin trading on the Australian Securities Exchange under the ticker GLC on October 14, subject to completing the remaining regulatory requirements.
The secondary listing, announced in August, does not involve a capital raising or the issuance of new shares. Instead, each Australian-listed CHESS Depositary Interest, or CDI, will represent one Glencore ordinary share.
Glencore has appointed Computershare Investor Services to manage its Australian CDI register. Shareholders in the UK and South Africa can begin requesting conversion of ordinary shares into CDIs from September 24.
Expanding Access to Australian Capital
The Australian listing gives Glencore greater access to one of the world’s major mining-investment markets and could broaden its institutional shareholder base.
The move comes as Glencore advances its copper expansion ambitions, with copper increasingly important to mining companies seeking exposure to electrification and energy infrastructure demand.
CEO Gary Nagle previously said investors had shown strong interest in an Australian listing. The additional trading line could also provide Glencore with greater flexibility for future mergers, acquisitions and strategic investments.
Glencore Joins U.S. Critical Minerals Initiative
Glencore and Mercuria have also been selected as founding partners in the U.S. government’s VaultCo initiative, which aims to strengthen critical-mineral supply chains in Latin America.
Project Vault is designed to build strategic stocks of critical minerals and rare earths while reducing dependence on China. The initiative could involve up to $12 billion in investment and financing across the critical-minerals supply chain.
Glencore has also received a $500 million commitment from the U.S. Export-Import Bank, adding further financial support for its involvement in critical-minerals projects.
The Refreshing of the Powerful Uptrend Seems Complete
Glencore’s share price has been trending higher since April 2025, rebounding from around R53 and more than doubling in 14 months, sending BLNJ share price above R136 in June and further to R138 in early September, placing it firmly to the new all-time high but we saw a pullback to R115 this week. However the 200 daily SMA in purple held as support and we have seen a rebound toward new highs.
GLNJ Chart Daily – The 200 SMA Held as Support
Energy Trading Drives Earnings
Glencore’s marketing division delivered one of the strongest improvements in the first half. Marketing adjusted EBIT more than doubled to $3.3 billion, while the industrial business increased adjusted EBITDA by 72% to $6.5 billion.
Energy trading was particularly strong, with EBIT surging to $2.66 billion from just $40 million a year earlier. Oil, LNG and shipping-market volatility created significant trading opportunities as supply conditions shifted.
Crude and fuel trading volumes also increased approximately 24% to around 5.2 million barrels per day.
The results demonstrate how periods of market volatility can become a significant earnings driver for Glencore’s trading operations.
Strong Cash Flow Supports Returns
Glencore reduced net debt by approximately $1 billion to $10.2 billion, despite spending around $4 billion on capital expenditure.
The company also declared another $1 billion special distribution and announced a new $500 million share buyback, taking total announced shareholder returns for 2026 to approximately $3.5 billion.
Full-Year Outlook Remains Strong
Based on current commodity prices and expected second-half volumes, Glencore estimates illustrative full-year adjusted EBITDA could reach approximately $19.7 billion.
The outlook remains dependent on commodity prices and trading conditions, however. The key question is whether exceptionally strong energy-trading profits can be sustained or whether they reflect unusually favorable market volatility.
For now, the planned October 14 ASX listing, strong earnings and shareholder returns are providing additional catalysts as Glencore stock attempts to recover from its recent retreat.
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank’s local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
