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ISEQ dips on profit taking

Monday, February 04 12:46:00

The ISEQ's rebound paused this morning as profit taking dominated following Friday's rebound.

By 12:30, the index was down 2.17 points to 3,570.68.

Shares in Smurfit Kappa fell 13c to E10.23. Davy said that the sharp rise in US containerboard levels in December can be explained by a combination of a lower number of trading days and a conscious decision by producers to increase inventory levels ahead of planned downtime in January. With demand remaining reasonably solid and inventory levels at a historically low level, there is a good chance that another US price increase will be implemented later this year. This will drive European kraftliner prices higher which in turn will help recycled prices, the broker said.