Greencore remains volatile despite move to calm share price
The convenience food group said integration of its US business was on track
Shares in Greencore remained volatile this morning despite an attempt by the convenience food group to reassure investors following a recent drop in its share price.
The shares slumped by 4.7 per cent yesterday, the most since April, but recovered some of the lost ground in early London trading, rising by more than three per cent. But they later fell back and were around 5 per cent lower at 197.4p by lunchtime.
The shares have been volatile in recent weeks as a number of major institutional investors, including BlackRock, Goldman Sachs and WorldQuant, haveshorted the stock, or bet that its share price will fall. Analysts said there was some concern around the company’s acquisition last December of Peacock, a US frozen breakfast sandwiches maker, which has been hailed by the company as a transformational deal.
