In the latest monthly result released by Bloomberg, Amcor and Paperlinx have found themselves in the top three performers second only to miner St Barbara. Amcor’s share price rose 12.2 per cent against a 10.3 per cent fall on the index, while Paperlinx – Australia’s biggest paper merchant – was up 12.8 per cent.
Anton Tagliaferro told the Australian Financial Review that three months ago oil was more than US$145 a barrel and the Australian dollar was above US$98c, which was causing a headwind for companies such as Amcor.
He says, “Two of the major headwinds that were causing people to downgrade their earnings in terms of record high oil prices, and the Australian dollar at parity are now actually positives for those companies.”
Comment below to have your say on this story.
If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.
Sign up to the Sprinter newsletter