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FTSE stalls as Mondi hits packaging stocks

Shares in packaging group fall to the bottom of the FTSE 100, weighing on index and shares in rival companies.

 
FTSE stalls as Mondi hits packaging stocks

Mondi (MNDI) has fallen to the bottom of the FTSE 100 as the packaging group warned on full-year results, weighing on the shares of rivals.

Shares in the group fell 6.9% to £19.46, weighing on the UK blue-chip index, which edged four points lower to 7,534.

Mondi said full-year results would be 'modestly below market expectations' due to cost pressures and the impact of currency movements.

The news also hit shares in rival Smurfit Kappa (SKG), down 2.8% at £22.13, while DS Smith (SMDS) dropped 3.5% to 483.6p.

Smith & Nephew (SN) meanwhile rose to the top of the index, up 3.9% at £14.12, after Bloomberg reported activist investor Elliott was building a stake in the artifical knee and hip maker.

On the FTSE 250, shares in doorstep lender Provident Financial (PFG) fell 5% to 794.5p after a downgrade from analysts at Barclays.

PageGroup (PAGE) fell 5.3% to 497.9p after the recruitment firm reported a 7.6% fall in profits in the three months to the end of September, saying companies were holding back on creating new jobs due to uncertainty over Brexit.

Shares in Dunelm (DNLM) jumped 5.7% to 741p after the homewares retailer reported a near-25% jump in first quarter revenue.

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