SMURFIT KAPPA TO JOIN FTSE 100
(Posted on 21/12/16)
Paper giant Smurfit Kappa has announced it is to join the blue-chip FTSE 100 index following sustained growth.
There was widespread expectation of the move based on Smurfit Kappa’s market valuation of £4.25bn this week.
Analysts say the move will force fund managers to buy tens of millions of pounds worth of the stock. Being part of the FTSE 100 can fuel further demand for a company’s shares, since funds that track the FTSE or invest in the index can then add that stock to their portfolio.
Analysts say it’s a remarkable turnaround for the corrugated giant under Tony Smurfit’s leadership – shares virtually collapsed following its 2007 flotation to barely 140p in 2009, which have now bounced back to almost £18 a share.
For more information see www.smurfitkappa.com