What's going on?

On Wednesday, mining and commodities giant Glencore reported a 23% rise in profit for the first half of the year � but it wasn�t as great a rise as investors expected and its stock dropped, though it later recovered.

What does this mean?

Glencore�s been doing pretty well, considering. It had the best-ever start to a year on the back of a record 2017. And it managed to achieve this in spite of higher costs � it had to pay higher royalties on its copper and cobalt revenue � and mining by-products (that Glencore also sells) losing value (like cobalt, which has nearly halved in value since April).

Why should I care?

For markets: Glencore keeps swinging.

In July, Glencore was subject to corruption investigations, resulting in its stock falling 8%. The company hit back at its naysayers by pledging to buy back $1 billion of its own shares, taking advantage of their falling price (buying up its own stock should help boost its value by increasing demand and lowering supply since there�ll be fewer shares available to buy). Glencore�s earnings miss and the likelihood of higher costs to come could weigh on its stock price � not to mention that it hasn�t added to its buyback plans or increased its dividends as hoped (but its rivals have).

The bigger picture: Mining delivers.

Fellow miners Rio Tinto and Anglo American have also reported results in the last few weeks to the sound of applause. Rio Tinto�s on track to pay the largest half-year dividend in its history, while Anglo American Platinum � the company�s platinum mining business � reported a 350% increase in profit, keeping that dividend tap flowing.