9SIOBHAN

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE - €3.1M

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

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