London, June 20, 2026, 16:04 (BST)
- Anglo American finished Friday at 3,890 pence, dropping 2.6% for the session and about 2.8% for the week.
- Berenberg downgraded the miner to “hold” from “buy” before its first-half earnings. Streetinsider
- Focus shifts to metals prices and Anglo’s Swiss delisting set for June 26 next week. The company is scheduled to release its next production report on July 23.
Anglo American (AAL) closed down 2.6% at 3,890 pence Friday, ending a choppy week for the stock. Shares finished the week about 2.8% lower from last Friday’s close. Roughly 7.7 million shares traded hands Friday, with London markets now closed for the weekend.
Anglo wasn’t the only laggard in the final session. Miners pushed European stocks down as metals prices slipped. Rio Tinto slid 2.6%, and Glencore shed 1.6%. The FTSE 100 declined 0.4% on Friday, off 1% for the week. That’s its worst weekly fall since early May.
Berenberg trimmed its call on Anglo, with analysts Richard Hatch and Jasper Mainwaring cutting the stock to “hold” but sticking with the 4,200-pence price target. “We move to Hold for now, and take profits,” they said, citing downside risk to the company’s first-half outlook versus current market expectations. Investing.com UK
Berenberg is looking for first-half underlying EBITDA of $3.7 billion, below the consensus of $3.9 billion. EBITDA stands for earnings before interest, tax, depreciation and amortisation. The bank’s earnings-per-share call comes in at $0.63, while the market is at $0.78.
Anglo shares started the week higher but dropped hard Thursday and Friday. The swing is a sign investors are still focused on short-term profits and whether management can deliver, not yet rewarding the stock for the future copper-focused business that will take shape after pending deals wrap up.
The biggest of those deals is the planned merger with Teck Resources. Anglo Teck would put the company among the top five copper producers, with copper accounting for over 70% of its mix. Anglo said it’s targeting final regulatory approval sometime between September 2026 and March 2027.
Copper is still a solid long-term bet, but a crowded trade. Funds have piled back into bullish bets, with three-month LME copper topping $13,800 a tonne Thursday then slipping to $13,600 Friday. That puts Anglo at risk from sharp moves in copper prices and swings in fund positioning.
Anglo is pushing ahead with its portfolio overhaul. The company said in May it would sell its Australian steelmaking coal assets to Dhilmar for as much as $3.875 billion, including $2.3 billion upfront. The money is set to go to pay down debt. “Through this transaction, we will complete our exit from steelmaking coal,” Chief Executive Duncan Wanblad said. Reuters
Anglo American will pull its secondary listing from the SIX Swiss Exchange on June 26, with June 25 set as the last day for trading its shares in Switzerland. The company will keep its main London listing and keep other share listings tied to its deal with Teck.
Weaker commodity prices, soft first-half results, or slow asset sales could keep the focus on Anglo’s debt and its non-core businesses. A merger clearance delay would drag this out. On the other hand, stronger copper prices and solid disposal progress could push the market to look again at the longer-term story for the combined group.
