Smurfit slumps as Goldman said to place 3% stake

Smurfit Kappa slumped on Thursday on news that one of its shareholders was selling 7 million shares of the corrugated packaging company.

According to Bloomberg, Goldman Sachs has placed a stake of about 3% in Smurfit.

At 1550 BST, the shares were down 4.1% at 2,210p.

Smurfit rallied on Wednesday after peer Mondi told its customers that prices of recycled containerboard and kraft top liner will be increased by 60 euros a tonne in June-July. Mondi said this was "driven by continued reduction of stock levels and rising market demand".