Company
LON:ABF
Associated British Foods is a diversified international food, ingredients and retail group with sales of £10.2 billion and 97,000 employees in 44 countries.
479 stories · page 12 of 24
Threds n beds are on Thursday's agenda as the respective parent companies of clothes retailer Primark and Premier Inn separately report on their Christmas trading periods.
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As well as trading updates from retailers Boohoo and Primark owner AB Foods, there are also reports expected from builders Persimmon, Taylor Wimpey and Vistry, as well as Experian, Gym Group and many others
The “small reduction” was due to weaker sterling on purchases offset by cost reductions in both the cost of goods and overheads
The strengthening of the US dollar during this year has increased the cost of goods for the first half of the current fiscal year at Primark
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At the close, the UK blue-chip index was up 18.39 points, or 0.3% at 7,388.08, about midway between the session high and low
Primark owner Associated British Foods and Regus owner IWG will also be delivering numbers
While UK sales at Next have plunged 10% in the last three years, Primark’s UK sales have increased by 17%, while its sales densities are twice as much the high street rival’s, along with greater overseas potential
Analysts said there was scope for modest downgrades (4-5%) to 2020 earnings forecast
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The UK's premier share index finished 52.21 points down at 7,230.13 on the day
Asos was downgraded to ‘hold’ from ‘buy’ but the analysts said the e-retailer's problems are “far from insurmountable”
Strategists at the investment bank downgraded its rating on global equities as it saw a "poor" risk/reward outlook for the next three months
Sales at Primark dropped in May as a result of the “unseasonable weather” in the UK and Europe, but trading has picked up since and margins continue to improve
Investments and investor services
The Footsie finished down nearly six points at 7,603
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Aside from the AB Foods update, investors will also be eyeing updates from builders Persimmon and MJ Gleeson, while US markets will be shut for Independence Day
Investments and investor services
The UK's premier share index closed around 73 points higher at 7,499, while FTSE 250 was also up - around 170 points to 19,632
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The Week Ahead will also bring updates from fellow blue-chips Associated British Food and Persimmon PLC, as well as the latest US payrolls report
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Footsie closed up 39 at 7,259, while mid-cap cousin FTSE 250 went the other direction, shedding over six points to close at 19,065
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Investors look forward to a strategy update from Aviva's new boss, meanwhile, they are braced for CMC Markets results after the recent profit warning.
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Asides from the macro news, the Week Ahead also brings the latest quarterly FTSE indexes reshuffle, a strategy update from insurer Aviva, and results from Auto Trader
Primark remains the destination for affordable yet fashion-forward purchases but online pureplays Boohoo and PrettyLittleThing continue to bite, said GlobalData analyst Chloe Collins
