Jefferson Smurfit shares seem to be a better bet these days at around the 190p level. Recent industry inventory figures in the US show stock levels at their lowest for some time.

This indicates that concerted industry moves to avoid the over-production catastrophe of last year are working.

Against this background, it will be easier for paper and packaging companies to build on more product price increases early next year and therefore boost profits. And, after the debilitating experience of overproduction last year, there is little danger that producers will break ranks and damage the fledgling turnaround in fortunes.

In addition, it looks like Smurfit may be in negotiations to find a merger partner for Jefferson Smurfit Corporation in the US.

The US operation has completed a root and branch review to improve efficiency.

The result was a decision to sell off non-core operations. But there will be no sales until suitable uses for funds released are identified and arranged.

There are, of course, dangers in the market - a main one being Asia and the risk this poses for economic growth in other markets.