Have investors’ worries settled down a bit in the surprisingly jittery world of paper and packaging? Not a bit of it, at least if share prices are anything to go by.
DS Smith, one of three sector leaders that are all constituents of the FTSE 100 — and whose stock prices tell similar stories — has had a seriously turbulent time on the markets for getting on for two years now. Once a seemingly irrespressible high-flier, driven ever upwards by strong structural movements in its favour, the group’s share price has become both volatile and range-bound, trading recently at almost exactly the same level it held a year ago. If the investment world is a battleground between bulls and bears, with this company (and its