Smurfit Kappa leads Irish market decline as European shares falter

Its fall dragged the Iseq to a 1.2 per cent decline for the session, which also saw building materials group CRH decline 2.3 per cent to €49.71. Insulation-maker Kingspan fell 4.2 per cent to €70.22, while Bank of Ireland was 0.8 per cent lower at €8.85.The UK’s FTSE 100 was an outlier, bucking the European trend with a gain of 0.4 per cent. The blue-chip index was supported by a softer pound after data showed the labour market weakened even as wage growth stayed strong in July.

AstraZeneca bounced 1.7 per cent after falling more than 4 per cent in the previous session, as the drugmaker appeared to play down speculation about its CEO’s future.The pan-European STOXX 600 index dipped 0.2 per cent, with basic resources losing 0.5 per cent as prices of most base metals fell on a stronger dollar.

Spain’s national consumer prices rose 2.6 per cent in the year through August, while a survey from the ZEW economic research institute showed German investor sentiment unexpectedly improved in September. HelloFresh jumped 8.2 per cent after JP Morgan added the German meal-kit maker’s stock to its analyst focus list and positive catalyst watch.The S&P 500 and Nasdaq fell in the first hours of trading Tuesday as a jump in oil prices deepened worries about persistent price pressures ahead of crucial inflation readings this week, while Oracle slumped on downbeat forecast and results.

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1.30pm Markets Wrap: Smurfit Kappa weighs down Irish stocks as Ryanair rises ahead of AGMShares in Smurfit, which has confirmed a deal with US paper business WestRock, were down 10 per cent
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Smurfit Kappa share price slumps as investors digest mega-merger with WestRockShareholders of WestRock will receive the equivalent of $43.51 a share in cash and stock.
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Smurfit Kappa shares slump as investors to own 50.4% of group after WestRock mergerIrish group’s CEO Tony Smurfit to lead merged group, which will be known as Smurfit WestRock
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Smurfit Kappa agrees $20bn merger deal with US companyThe Dublin-headquartered paper and packaging giant confirmed it will depart the Dublin stock exchange as part of the merger with WestRock
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