Swiss mining and commodity trading giant Glencore said Wednesday it was considering shifting its stock listing from London after it stumbled into a net loss last year on falling coal prices and writing down the value of assets.

Despite its positive disposition on market uncertainty, the company saw a 6% drop in profit to $14.4bn last year. This is down from $17.1bn in full year 2023, due to lower power-generating coal prices. As a result, the company’s shares on the London Stock Exchange fell by 7% during early trading on Wednesday.

Glencore considering moving main stock market listing away from London - A growing list of firms are abandoning the London Stock Exchange in favour of overseas rivals.

Music company All Things Considered Group (ATC) is exploring a potential move to the London Stock Exchange following a strong financial performance in 2024, with revenue soaring to £50 million from £24.

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,

Glencore is considering moving its primary listing from London, it said on Wednesday, after it posted lower earnings, recorded $2.3 billion in impairment losses and said it would return $2.2 billion to shareholders.

Glencore Plc said it’s studying whether to move its primary listing away from London, potentially becoming the latest major miner to leave what has for decades been the industry’s global hub.