By Chelsey Dulaney

Glencore, the global commodities company, signaled it could join the wave of companies leaving London in search of higher valuations overseas.

The FTSE 100 member, which is headquartered in Switzerland and has a secondary listing in Johannesburg, said Wednesday it was reconsidering having its main listing in the U.K. capital. Chief Executive Gary Nagle said Glencore was considering "a jurisdiction that may be more appropriate and give us the value that we want."

The London Stock Exchange is struggling to both keep listings and to attract new ones. Last year, 88 companies either left or moved their primary listing from London, the most since the financial crisis, according to data from EY. Only 18 companies joined.

Companies such as Shell, the second-largest member of the FTSE 100, and Ocado have come under pressure to move their main listing to the U.S.

A widening valuation gap with the U.S. is one of the main driver's of London's woes. S&P 500 companies trade at a multiple of 22 times their forward earnings, compared with just 12 for FTSE 100 companies, according to data from LSEG. Glencore is trading at about 11 times forward earnings.

Glencore posted earnings Wednesday, dig into them here.

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(END) Dow Jones Newswires

February 19, 2025 07:19 ET (12:19 GMT)

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