Monday, October 21 12:51:44
The ISEQ rose modestly this morning as futures pointed to a strong start on Wall Street ahead of key jobs data due later today.
By 12:45, the index was up 5.19 points to 4,397.59.
U.S. stock index futures were little changed in light trading on Monday following a record closing high on the S&P 500 last week, as a week full of economic data and key corporate earnings gets under way.
DS Smith has announced a E40/tonne recycled containerboard price increase for all of its European markets for November. Similar to peers DS Smith cites high manufacturing costs and strong demand as the drivers. This brings the total capacity within the market to have announced increases to 40pc. "A successful price hike would leave upside bias to our forecasts for both DS Smith and Smurfit Kappa. DS Smith is currently trading on 306p (7.6x cal. FY14 EV/EBITDA) over 5pc above our price target that is based on our top of the range FY15 forecasts which capture the full benefit of the integration benefits from the SCA acquisition. Smurfit Kappa remains the most attractive way to gain exposure to the positive pricing cycle dynamics at play in Europe. We reiterate our BUY on Smurfit Kappa with over 20pc upside to the current share price," said Goodbody Stockbrokers. Shares in Smurffit rose 7c to E18.48.