After a major slump on Monday that cut its share price by a shocking 29%, some of mining giant Glencore’s top brass is making a public display of confidence in the firm.
Tony Hayward, the company’s chairman, just bought 100,000 shares priced at £0.91 each. That’s according to a regulatory filing just out.
The stock is coming surging back today: It’s currently up over 14%, after a double digit climb yesterday. Much of Monday’s crash has now been reversed, to the extent that Anglo American, another miner, has now performed worse over the week as a whole.
Here’s how it looks:
Hayward actually could have made a lot more money: The stock is now back over £0.90, but on Monday it dived to below £0.70 — anyone who picked the bottom correctly has done pretty well for themselves.
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