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Glencore share price: where now after Serious Fraud Office opens bribery probe?

The world’s largest commodity trader has seen its shares slide after the UK’s Serious Fraud Office launched an investigation into suspicions of bribery at the company.

Glencore saw its share price fall by more than 10% last week after the UK’s Serious Fraud Office (SFO) announced that it has launched an investigation into suspicions of bribery at the company.

The stock has recovered slightly since then, trading at 220p as of 14:25 GMT on Monday, after hitting a three-year low last week.

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SFO opens investigation into suspicions of Bribery at Glencore

In a statement, the SFO said that ‘it is investigating suspicions of bribery in the conduct of business by the Glencore group of companies, its officials, employees, agents and associated persons’.

The investigation represents another setback for the world’s largest commodity trader, which has already been probed by the US Department of Justice for alleged money laundering and corruption in Nigeria, Venezuela and the Democratic Republic of Congo.

Glencore said that it ‘will cooperate with the SFO investigation’ in a short statement.

Analysts remain optimistic about Glencore’s price trajectory

Based on the six analysts that updated their target price for the stock in December, the median target for Glencore sits at 282.50p a share.

The median estimate represents a potential upside of 28% for the stock.

Credit Suisse is the most upbeat, reiterating its ‘outperform’ rating for the stock and issuing a target price of 310p, which represents a potential upside of 40.9%.

You can go long or short Glencore with IG using derivatives like CFDs.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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