Glencore's Marketing Unit Set to Drive Consensus Upgrades
Dow Jones07-29
0806 GMT - Glencore is set to post a very strong first-half marketing performance while production is mostly tracking to guidance, Jefferies analyst Christopher LaFemina writes. The commodities giant expects its traders to post a consensus-beating $3.3 billion in adjusted EBIT. Glencore had guided to the unit's performance normalizing in the second half of the year but there is clearly upside given that energy market dislocations continue, LaFemina writes. The unit's performance will likely drive consensus expectations higher over the remainder of the year and help support further upgrades thereafter, he writes. Shares rise 4.4% to 528.80 pence.
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