Interesting times at Glanbia which, according to Central Bank data, is the most shorted stock on the Irish Stock Exchange.
The shares are down from €18.10 to €14.10 in the last 12 months with currency headwinds playing a part.
Revenue in the first three months of this year was down 8pc on a reported basis, but up 4pc on a constant currency basis. The key is the weakening of the dollar versus the euro, as Glanbia does a lot of business in the US.
In addition, the rise in bond yields has hit the company too, according to some analysts, who say that businesses like Glanbia are seen as an alternative to bonds when yields are low.
The company is guiding an 8pc headwind if