Monday, February 04 17:36:48
The ISEQ's rebound went in to reverse today as profit taking dominated following Friday's rebound.
The index was down 29.48 points to 3,543.37.
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.
C and C's shares dropped 10c to E4.80 after it was fined E90,000 by the Central Bank for breaches of its obligations to prevent insider trading.