Bottling group hit by sell notes as analysts warn of difficult marketsLeading shares ended marginally lower amid another decline in the Greek stock market - with banks losing another 30% - and despite a recovery in commodity prices.One of the biggest losers was Coca-Cola Hellenic Bottling, which has been under pressure in recent months due to its exposure to the trouble Greek and Russian markets.The big unknowns for us are how the group is coping with the adverse impact of foreign exchange rates, which continue to present a significant headwind on both a transactional and translational basis, how much benefit is coming through from lower input costs and the level of efficiency gains management is driving through the business. On a technical basis, the group’s first half results should also benefit from the additional four selling days, which reverses out in the fourth quarter of 2015. Continue reading...
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