Food shares down

Shares in the publicly quoted Irish food companies fell sharply on the Dublin market yesterday as investors reacted negatively to the foot-and-mouth crisis and the possible impact an exports freeze would have on earnings.

Dealers said there was no rush of selling and prices fell in generally light volumes. Even though a substantial amount of its earnings are derived from its international food ingredients business, shares in Kerry Group fell 40 cents to #14.00 (£11) with almost half a million shares changing hands. Dealers said, however, there was an element of profit-taking in yesterday's activity in Kerry shares. Of all the Irish food companies, Glanbia is probably the most exposed to the foot-and-mouth scare with its huge dairy and pigmeat business. Glanbia shares, which have performed dismally ever since the Avonmore-Waterford merger that created the group, fell three cents to #0.44 - fractionally above the all-time low. Golden Vale, whose production operations are exclusively in Ireland and the UK, fell seven cents to #0.80.