REUTERS/Yusuf Ahmad
No other mining company fell by even half as much on the day.
So it's quite amazing that one mining company on the
As of 11:20 a.m. UK time (6:20 a.m. ET) Anglo is up by around 1.16%, after a small dip yesterday. Like Glencore, it tumbled on Monday, but unlike Glencore, it hasn't seen massive rallied on Tuesday and Wednesday.
Here's how it looks from Friday's close:
Investing.com, Business Insider
At the same time, Glencore has risen by as much as 11% today, an astonishing resurgence given that practically no news has driven it since the stock fell by an equally astonishing 29% on Monday. It also recorded a double-digit rise on Tuesday.
That means that since Friday's close, Glencore has actually dropped by slightly less than Anglo American:
Investing.com, Business Insider
Anglo American was actually named on the same Investec note that suggested Glencore's entire market value could be wiped out - if commodity prices don't rise, Investec's research suggested that both companies turn into nothing more than a vehicle for repaying their debts, eliminating the value of the shares entirely.
Research by Australian investment bank Macquarie also said that Anglo American's earnings-per-share are second-most exposed to commodity prices out of the major mining companies this year (looking at BHP Billiton, Rio Tinto, Glencore and Anglo American):
Macquarie
The analysts at Macquarie added that "Anglo American's sensitivities in the table below are generous and would be significantly higher if 'spot diamond' prices were used in our analysis."