Business News

Kingspan clawing back share price drop caused by Brexit – Davy

Insulation company Kingspan has clawed back around half of its share price after it took a substantial blow following Britain’s decision to leave the European Union.

Shares in the company fell from €25.05 to €19.80 overnight after the Brexit result was confirmed, however share prices have continued to rise since then.
Kingspan shares now stand at €22.34 but are still down 10pc in the year to date.

The fall in share price is completely adverse to the company’s performance according to Davy Stockbrokers, which tips the firm to post its thirteenth consecutive advance in half-year profits.
“This is clearly at odds with the underlying progress the group continues to make. Expect another year of impressive double-digit earnings growth in 2016.

“The upcoming interim results should indicate that Kingspan will have done much of the heavy lifting towards reaching full year expectations. We remain very positive on the outlook for the group and its dynamic growth potential,” Davy said in a note this morning.

Article Source: http://tinyurl.com/kbwqb42

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