UK-based pulp and paper company, Mondi PLC (LSE:MNDI, Financial), rose more than 20%, leading materials sector gains. The company cited softer demand in key paper grade markets, but growth in its corrugated and consumer packaging. Mondi’s industrial packaging order book grew in the second half of the quarter, likely a function of constructive U.S.-China trade talks. Overall, the stock was flat for nearly the entire quarter, but saw a price spike after the U.K. elections.
From Bernard Horn (Trades, Portfolio)'s Polaris Global Value Fund fourth-quarter 2019 shareholder letter.
