Glencore adds another $1bn to share buyback programme

Glencore will buy back another $1bn of shares, it said on Tuesday as the commodities colossus approached the end of its previous $1bn share buyback.

The FTSE 100 group, which has so far bought $939.13m of shares under the existing scheme, said the doubling of the programme was expected to take until the close of dealings on 20 February, the day before it its due to announce its full-year results.

It is currently intended that purchased ordinary shares will be held in treasury.

Last month, Glencore reported a solid set of first-half results, but some analysts were disappointed that there was no increase in the buyback programme, which was thought to be possible given that the shares have lost more than 13% since the start of June, not helped by several lawsuits and an investigation by US Department of Justice launched into the company's business in Africa.

Net income attributable to shareholders in the first six months of the year came out at $2.78bn, up 13% on the same period last year, while adjusted earnings before interest, tax, depreciation and amortisation rose 23% to $8.27bn.