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SHARE SNAP-UP

22nd November 2013

By: Darlene Creamer

  

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South Africans laid out nearly R4-billion in three days last week to snap up some 70-million GlencoreXstrata plc shares when the London- and Hong Kong-listed mining and trading company debuted on the main board of the Johannesburg Stock Exchange (JSE). By the end of the first day of South African trading, close to 52-million shares had changed hands in well over 8 000 transactions, as the R732-billion-valued global diversified natural resources major became the JSE’s third-biggest share after British American Tobacco and SABMiller. Major GlencoreXstrata is expected to become a significant component of South Africa’s All Share Index and Top 40 Index funds and unit trusts, through which major pension and provident funds are channelled, which is giving the every-day South African quick access to what is expected to become an African blockbuster.

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