Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksAB Foods Share News (ABF)

Share Price Information for AB Foods (ABF)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 2,635.00
Bid: 2,629.00
Ask: 2,631.00
Change: -51.00 (-1.90%)
Spread: 2.00 (0.076%)
Open: 2,693.00
High: 2,700.00
Low: 2,630.00
Prev. Close: 2,686.00
ABF Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON BRIEFING: BAT's 'glo' doesn't; ABF buys National Milk Records

Tue, 06th Jun 2023 07:49

(Alliance News) - Stocks in London are expected to drift lower at Tuesday's open, after a weak close on Wall Street.

Trading in New York on Monday had initially been fairly positive until economic data on the US services sector raised concerns about the health of the country's economy.

The ISM services PMI registered 50.3 in May, its fifth consecutive month of growth. But this was down from 51.9 in April.

Investors will be keeping a close eye on US retail sales figures later Tuesday for further clues about how consumer spending is holding up in world's largest economy.

"With US central bank officials now muzzled until after next week’s rate decision markets now must reassess whether we do see a pause next week, or whether we see another 25 basis point hike," commented CMC Markets' Michael Hewson.

In early UK company news, Primark-owner Associated British Foods said its agri-food arm would acquire Aquis-listed National Milk Records for a hefty premium. British American Tobacco's new chief executive updated on the cigarette maker's strategy and outlook, and IAG's British Airways was reported to be the victim of a cyber attack.

Here is what you need to know at the London market open:

----------

MARKETS

----------

FTSE 100: called down 10.5 points, 0.1%, at 7,589.49

----------

Hang Seng: up 0.1% at 19,126.35

Nikkei 225: closed up 1.0% at 32,522.97

S&P/ASX 200: closed down 1.2% at 7,129.60

----------

DJIA: closed down 199.90 points, 0.6%, at 33,562.86

S&P 500: closed down 0.2% at 4,273.79

Nasdaq Composite: closed down 0.1% at 13,229.43

----------

EUR: up at USD1.0725 (1.0711)

GBP: up at USD1.2441 (USD1.2415)

USD: down at JPY139.51 (JPY139.60)

Gold: flat at USD1,958.31 per ounce (USD1,959.00)

Oil (Brent): down at USD76.43 a barrel (USD77.37)

(changes since previous London equities close)

----------

ECONOMICS

----------

Tuesday's key economic events still to come:

10:00 CEST EU ECB consumer expectations survey results

11:00 CEST EU retail trade

09:30 BST UK construction purchasing managers' index

08:55 EDT US Johnson Redbook retail sales index

10:00 EDT US retail trade

10:00 EDT US IBD/TIPP economic optimism index

16:30 EDT US API weekly statistical bulletin

----------

The future of Britain's former top business lobby group hangs in the balance, ahead of a crunch vote on Tuesday for remaining members of the scandal-hit Confederation of British Industry. The CBI is battling to secure its future following a series of sexual harassment allegations, which first emerged in March. Members will be asked whether its plan for renewal is enough to give them confidence in the CBI, a vote which will determine the future path of the once-influential group.

----------

German factory orders continued to decline in April, official data showed. According to Destatis, factory orders in April were 9.9% behind the previous year, easing slightly from an 11% decline in March. From the previous month, orders fell 0.4% in April, which was much less steep than an 11% monthly fall in March.

----------

BROKER RATING CHANGES

----------

Berenberg starts Renew Holdings with 'buy' - price target 950 pence

----------

RBC raises Central Asia Metals to 'outperform' (sector perform) - price target 245 pence

----------

RBC raises Anglo American to 'outperform' (sector perform) - price target 2,700 (2,500) pence

----------

COMPANIES - FTSE 100

----------

British American Tobacco's new chief executive, Tadeu Marroco, affirmed there would be no change in the company's strategy. In a trading update, BAT's former finance director admitted the performance in US combustibles over the first half ending June 26 was "disappointing", and improving it will be a strategic focus. BAT's tobacco heating product, glo, saw an "underwhelming" start to the year, but has since seen more encouraging momentum. For the year as a whole, BAT expects global tobacco industry volumes to be down around 3%. For itself, BAT expects 3% to 5% constant currency revenue growth, with a second half weighting. For constant currency adjusted diluted earnings per share, it expects mid-single figure growth, with a 2% or so transaction foreign exchange headwind.

----------

Associated British Foods said it has reached a deal to acquire National Milk Records, in a deal worth GBP48 million. The agreement values NMR's shares at 215 pence, which is an 87% premium to Monday's closing price. NMR will be acquire by AB Agri, which is AB Food's international agri-food business. NMR provides technology information services to the UK dairy sector and is currently listed on the Aquis Stock Exchange in London. The deal has support from just under 69% of NMR's shareholders, and is expected to become effective in the third quarter.

----------

Unilever has appointed executive search firm Spencer Stuart to find a replacement for Chair Nils Andersen, Bloomberg reported on Monday, citing "people familiar with the situation". Bloomberg noted that the move continues a shake-up of the top ranks of the London-based consumer goods firm since it added activist investor Nelson Peltz to its board last year. This followed a failed attempt to buy the consumer healthcare arm of GSK, since spun off as Haleon. Late last month, Unilever said Chief Financial Officer Graeme Pitkethly intends to leave the company at the end of May next year. In the meantime, Hein Schumacher will takeover as chief executive from Alan Jope on July 1.

----------

Sky News reported that a trio of companies have been hit by a cyber attack that has exposed employee personal data, including bank and contact details, to hackers. It said the affected companies are International Consolidated Airlines Group's British Airways, Walgreens Boots Alliance, and the BBC, but it also expects "thousands" more firms to be affected. Hackers exploited a vulnerability in MOVEit Transfer software last week to access a range of information which is now casting a cloud over a growing number of UK firms and their staff, Sky News said.

----------

COMPANIES - FTSE 250

----------

Chemring said it saw record first-half order intake, with its order book reaching the highest level in over a decade at GBP750 million. The technology company's pretax profit in the half-year ended April 30 fell to GBP22.0 million from GBP28.9 million a year before. Revenue was lower at GBP212.1 million, compared to GBP220.4 million. The results were in line with the board's expectations, the firm said, reiterating the second-half weighting for Countermeasures & Energetics due to order intake delays. "Chemring is well placed to capitalise on its many opportunities and with 90% of expected H2 revenues covered by the order book, the board's full year expectations are unchanged," said CEO Michael Ord.

----------

OTHER COMPANIES

----------

Indie video game and educational app developer Team17 named Steve Bell as its new chief executive officer. He will join as CEO designate from September 4, and formally assume the role from January 1, 2024. Bell joins from marketing agency Iris Worldwide Holdings, which he co-founded in 1999 and currently leads. Team17 incumbent Debbie Bestwick will move to non-executive director on January 1.

----------

By Elizabeth Winter, Alliance News senior markets reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
26 Apr 2024 09:33

LONDON BROKER RATINGS: Peel Hunt cuts ConvaTec to 'reduce'

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

Read more
24 Apr 2024 09:02

LONDON BROKER RATINGS: Investec cuts Hipgnosis Songs Fund to 'hold'

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning:

Read more
24 Apr 2024 07:42

LONDON BRIEFING: Lloyds profit takes hit; Jet2 cuts guidance

(Alliance News) - Stocks in London are set to open higher on Wednesday, as the release of some key US data edges closer

Read more
23 Apr 2024 17:15

Tech, retail stocks boost STOXX 600 to one-week high

Telecom Italia gains as CEO set for second term

*

Read more
23 Apr 2024 17:12

UK's FTSE 100 hits record peak; Associated British Foods surges

Associated British Foods jumps after forecasting growth

*

Read more
23 Apr 2024 16:55

LONDON MARKET CLOSE: FTSE 100 gains pared after hitting record high

(Alliance News) - European equities ended higher on Tuesday, with the FTSE 100 hitting its best level, before succumbing to some selling pressure in afternoon dealings.

Read more
23 Apr 2024 15:19

Europe close: Stocks rise as investors digest PMI data

(Sharecast News) - European markets closed above the waterline on Tuesday, propelled by positive survey data from the eurozone that bolstered investor sentiment.

Read more
23 Apr 2024 12:00

LONDON MARKET MIDDAY: FTSE 100 pushes to new high; AB Foods surges

(Alliance News) - The FTSE 100 hit another intraday high on Tuesday, driven by data providing some "fresh optimism" about the UK economy.

Read more
23 Apr 2024 10:31

Primark owner AB Foods lifts profit outlook, sending shares up 10%

H1 adjusted operating profit 951 million pounds, up 39%

*

Read more
23 Apr 2024 09:04

TOP NEWS: AB Foods ups payout 46% as Primark boosts strong first-half

(Alliance News) - Associated British Foods PLC on Tuesday raised its full-year outlook after a strong first half driven by good performances at fast-fashion retailer Primark and its food businesses.

Read more
23 Apr 2024 08:54

LONDON MARKET OPEN: AB Foods profit soars boosting interim dividend

(Alliance News) - Stock prices in London continued to build on Monday's gains early on Tuesday, thanks to sentiment boosted by the prospect of interest rate cuts.

Read more
23 Apr 2024 07:43

LONDON BRIEFING: AB Foods lifts outlook as interim profit soars

(Alliance News) - Stocks in London are set to open up and add to Monday's gains, ahead of a slew of economic data.

Read more
23 Apr 2024 07:03

AB Foods lifts FY outlook as interim profits jump

(Sharecast News) - Primark owner Associated British Foods posted a jump in interim profit and revenue on Tuesday as it lifted its full-year profit outlook.

Read more
16 Apr 2024 13:45

UK earnings, trading statements calendar - next 7 days

Wednesday 17 April 
Antofagasta PLCTrading Statement
Brooks Macdonald Group PLCTrading Statement
Entain PLCTrading Statement
Hays PLCTrading Statement
Inspecs Group PLCFull Year Results
Liontrust Asset Management PLCTrading Statement
M Winkworth PLCFull Year Results
Menhaden Resource Efficiency PLCFull Year Results
Rio Tinto PLCTrading Statement
Saga PLCFull Year Results
Thursday 18 April 
AJ Bell PLCTrading Statement
BHP Group LtdTrading Statement
Devolver Digital IncFull Year Results
Dunelm Group PLCTrading Statement
easyJet PLCTrading Statement
Foxtons Group PLCTrading Statement
HydrogenOne Capital Growth PLCFull Year Results
Keystone Law Group PLCFull Year Results
LBG Media PLCFull Year Results
Pod Point Group Holdings PLCFull Year Results
Rentokil Initial PLCTrading Statement
Segro PLCTrading Statement
Friday 19 April 
888 Holdings PLCTrading Statement
Man Group PLCTrading Statement
Monday 22 April 
Brave Bison Group PLCFull Year Results
Elixirr International PLCFull Year Results
Frenkel Topping Group PLCFull Year Results
South32 LtdQ3 Results
Ten Lifestyle Group PLCHalf Year Results
Tuesday 23 April 
Alliance Pharma PLCFull Year Results
Alphawave IP Group PLCFull Year Results
Anglo American PLCTrading Statement
ASA International Group PLCFull Year Results
Associated British Foods PLCHalf Year Results
Eleco PLCFull Year Results
GB Group PLCTrading Statement
Jupiter Fund Management PLCTrading Statement
Maintel Holdings PLCFull Year Results
Property Franchise Group PLCFull Year Results
Taylor Wimpey PLCTrading Statement
tinyBuild IncFull Year Results
Trellus Health PLCFull Year Results
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

Read more
15 Apr 2024 09:49

LONDON BROKER RATINGS: UBS raises Crest Nicholson; Stifel cuts CRH

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.