Glencore PLC has signalled it is considering ditching the London Stock Exchange in favour of a primary listing elsewhere.
Alongside the release of results on Wednesday, chief executive Gary Nagle flagged that the miner and commodities trading giant could potentially move overseas in search of a higher valuation.
“Ultimately, what we want to ensure is that our securities are traded on the right exchange where we can get the right and optimal valuation for our stock,” he told journalists.
“There have been questions raised previously around whether London is the right exchange.
“If there’s a better one, and those include the likes of the New York Stock Exchange, we have to consider that.”
Figures earlier in the day had shown a 16% drop in full-year adjusted earnings to $14.36 billion on weaker commodity prices.
Glencore also unveiled a new US$1 billion buyback, though efforts to win over investors appeared to underwhelm as the stock fell 6.0% to 332.45p.
Were the Anglo-Swiss group to drop its FTSE 100 listing, it would join a string of big names in ditching the London Stock Exchange in recent years, including Flutter Entertainment and most recently Ashtead.
Some 88 companies left or moved their primary listings from the stock exchange in 2024, marking the largest number since 2009, according to recent research by EY.