Wednesday 21 March 2018

McGann to quit Smurfit Kappa role

Traders gather on the floor for the IPO of Snap Inc. at the New York Stock Exchange (NYSE)
Traders gather on the floor for the IPO of Snap Inc. at the New York Stock Exchange (NYSE)


The international market spotlight was on Snapchat yesterday, as shares in the company traded at $24 on their stock market debut - much higher than the $17 offer price. The company is valued at almost $28bn.

At home, packaging giant Smurfit Kappa announced that Gary McGann is resigning his non-executive director role group, in a move that will enable him to devote more time to his position as chairman of troubled bakery group Aryzta.

European stock markets were generally flat yesterday.

The European earnings season has moved into its latter stages with figures having impressed so far.

"With 75pc of companies having reported, STOXX 600 Q4 earnings per share are up 12.1pc year-on-year, the strongest number since Q4 2013," Deutsche Bank analysts noted.

In Ireland, the Iseq Overall Index ended the session 0.46pc lower at 6,674.43.

Shares in Bank of Ireland fell 1.3pc to 23 cent, even as rival, State-owned AIB reported strong full-year profits. AIB announced its first dividend since 2008, after posting pre-tax profits of €1.7bn for 2016 - a chunk of that because of write-backs and proceeds from the sale of its stake in Visa Europe.

Shares in Total Produce closed 3.5pc higher at €1.92 after it posted a 16.8pc increase in adjusted pre-tax profits to €67.7m for 2016, and revenue of €3.7bn, a 9pc rise.

Decliners included Ryanair, which fell 1.8pc to €14.35.

The UK's FTSE-100 was almost unchanged. Germany's DAX fared likewise as did France's CAC-40. British engineering turnaround specialist Melrose Industries closed up 10.5pc after its full-year revenue more than tripled.

Irish Independent

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