European stocks closed lower Friday, as investors monitored global concerns about soaring volatility and rising borrowing costs. Global stock markets have been swinging between gains and major losses over the past week, as concerns over higher interest rates continue to dwell on investors' minds. The falls follow a major drop in US shares over the last two weeks after the best wage growth numbers since 2009 sparked fears of higher than expected inflation.

Aryzta down 13%

Aryzta shares fell a further 13% in the week to reach record lows on Friday closing at €19.50. The Cuisine de France owner had its worst day since it began trading almost 10 years ago. The group has struggled to turn itself around and has recently started to dispose non-core assets. It is expected that the road ahead will be long and bumpy. Last week it announced the sale of its US bakery Cloverhill business, for significantly less than the $390m (€319m). According to US regulatory filings it sold it for just €20m. It is expected that it will also sell its 49% stake in French premium frozen food company, Picard by the end of this year.

Greencore down 4%

Shares in the food-to-go company closed down 4% on Friday at £1.91. Despite a positive trading up-date issued at the end of January, where it also announced it was to sell its underperforming cakes and desserts business, in the last 30 days alone shares are down 14%. The share performance has not been helped by short selling by hedge funds which is where they have been betting on the price of the stock falling. This is a process that sees them borrow stock, sell it, then wait for the price to fall so they can buy it cheaper and pocket the difference. Currency fluctuations and uncertainty around customer contract renewals in the US are also impacting the share price.

Kerry Group down 3%

Kerry group shares closed down 3% st €84 on Friday. The Tralee-based food, ingredients, and nutrition group is set to announce its 2017 results on February 20th. It is expected to hit its 4-6% growth targets for 2017. It is also expected to rely heavily on further acquisitions to meet its ambitious growth targets of 10% each year for five years announced by new CEO Edmond Scanlon over the next five years.

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Greencore exits cakes and desserts business

Aryzta offloads US bakery for less than quarter of buying price