Poultry giant ING fell almost 6% on Wednesday, the most in 10 weeks, although things looked far worse in the early afternoon when the stock’s Intra-day plunge was closer to 15%. News reports of an outbreak of bird flu detected by the Victorian Department of Agriculture at a farm in Meredith, Victoria, sent the stock plunging before ING delivered an update that “there currently is no impact to Ingham’s operations or its supply chain, and it continues to supply the markets as usual”, hence the recovery. ING has now implemented biosecurity measures throughout its operations in an effort to avoid contamination.
- This event has reminded us and the market of the risks towards businesses like ING from influences largely outside of its control.
- MM has removed ING from our Hitlist, believing the current risk/reward is not currently exciting, around $3.60.
MM is now neutral towards ING
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