Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full 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: 2,498.00
Bid: 2,498.00
Ask: 2,499.00
Change: -16.00 (-0.64%)
Spread: 1.00 (0.04%)
Open: 2,509.00
High: 2,509.00
Low: 2,484.00
Prev. Close: 2,514.00
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 MARKET CLOSE: Stocks Rise On Tentative UK Lockdown Easing

Mon, 01st Jun 2020 17:11

(Alliance News) - Stocks in London ended higher on Monday on optimism over parts of the UK economy slowly getting up and running amid the easing of lockdown restrictions.

The FTSE 100 index closed up 89.92 points, or 1.5%, at 6,166.42. The FTSE 250 ended up 234.57 points, or 1.4%, at 17,277.53, and the AIM All-Share closed up 8.52 points, or 1.0%, at 883.85.

The Cboe UK 100 ended up 1.8% at 10,433.70, the Cboe UK 250 closed up 1.5% at 14,793.13, and the Cboe UK Small Companies ended up 2.3% at 9,480.21.

In Paris the CAC 40 ended up 1.4%, but the DAX 30 in Frankfurt ended down 1.7%.

"The theme to today's winners on the FTSE 100 is 'rebound', with Associated British Foods leading the charge after its hopeful update this morning, boosting Next as well on hopes that retail may start its own bounce back soon. Throw in Carnival and IAG on hopes of a return to more international travel, plus Standard Chartered thanks to diminished US-China concerns, and we have the makings of a solid recovery for the index that looks poised to carry the index back towards last week's highs and on from there," said IG Group's Chris Beauchamp.

On the London Stock Exchange, Standard Chartered ended the best blue-chip performer, up 8.7% after Jefferies double upgraded the emerging markets-focused bank to Buy from Underperform.

Associated British Foods ended up 8.0% after Primark clothing chain owner expects to reopen all of its stores in England on June 15, following the recent announcement by the UK government on the opening of all other non-essential retail stores by that date.

Fellow fashion retailer Next closed up 5.3% in a positive read-across.

As at Monday, fashion retailer Primark is trading in 112 stores, which represents 34% of the brand total selling space. By June 15, Primark anticipates having 281 stores opened around the world, which represents 79% of total selling space.

Trading in the 112 stores has been regarded as both "reassuring and encouraging", with consumer demand strong for children's leisure and sleepwear, alongside summer products.

Pearson closed up 7.9% after Goldman Sachs raised the education publisher to Buy from Neutral.

In addition, travel stocks Carnival, International Consolidated Airlines and easyJet closed 7.3%, 5.9% and 3.8% amid optimism in the travel sector.

The pound was quoted at USD1.2470 at the London equities close, up sharply from USD1.2330 at the close Friday, amid optimistic signs in the UK manufacturing sector as some businesses began to tentatively restart production.

The UK manufacturing sector rebounded in May but Covid-19 continues to severely hamper the sector, data from IHS Markit showed.

The IHS Markit/CIPS purchasing managers' index rose to 40.7 in May from a record low of 32.6 in April. May's flash reading had been 40.6.

Though an improvement, the reading remained well below the no-change mark of 50, meaning the UK manufacturing sector continued to contract in May - though at a more moderate rate than in April.

"May's PMI reading was broadly in line with the preliminary estimate of 40.6 but the regional lockdowns and company shutdowns all contributed to the contraction as further disruptions caused operating conditions to deteriorate. As the lockdown measures are being eased (as from June) across the UK, we would expect to see another slight rebound in June's reading," said analysts at Shore Capital.

The UK took its first tentative steps out of lockdown as younger children went back to schools in England and parliament geared up to resume normal service, as police in the world's second-worst-hit warned was becoming difficult to enforce.

UK Prime Minister Boris Johnson has set out a timeline that allows two million younger children in England to return to school on Monday and older ones from June 15.

Outdoor markets also swung open their gates and car showrooms tried to lure back customers and recoup losses suffered since the UK effectively shut down for business on March 23.

In addition, the House of Commons returns from a break on Tuesday, and Johnson's minister for parliament, Jacob Rees-Mogg, wants MPs to start voting in person again, instead of remotely.

However, critics of the easing believe the so-called R rate of transmission - estimated nationally at between 0.7 and 0.9 - was still dangerously close to the 1.0 figure above which the virus' spread grows. They have warned the virus was still spreading too fast, and any return to work puts more vulnerable staff at risk.

The euro stood at USD1.1125 at the European equities close, up from USD1.1117 late Friday.

The manufacturing sector in the euro area remained in sharp contraction territory in May with Germany in particular still struggling, data from IHS Markit showed.

There was, however, a "noticeable easing" in May's downturn compared to the previous month. The IHS Markit Eurozone Manufacturing PMI in May rebounded from historical lows in April to 39.4 from 33.4.

Despite being generally looser across the region compared to April, government restrictions designed to limit the spread of the global coronavirus disease continued to severely hamper the sector, IHS Markit said.

Against the yen, the dollar was trading at JPY107.60, lower from JPY107.75 late Friday.

Stocks in New York were marginally higher at the London equities close - swinging between small gains and losses - as investors grappled with civil unrest across the US as the country began to reopen after weeks of coronavirus shutdowns.

The Dow Jones Industrial Average was up 0.2%, the S&P 500 index up 0.3% and the Nasdaq Composite up 0.2%.

Chicago, Illinois, Los Angeles, California and Houston, Texas were among the cities that imposed night-time curfews following a wave of demonstrations across the US in reaction to the shocking death last week of an unarmed black man, George Floyd, at the hands of police in Minneapolis, Minnesota.

The protests - some of which turned violent - come as Latinos and African Americans suffered disproportionate rates of death and hospitalisation from the coronavirus outbreak. Unemployment also has spiked among minority populations amid the business closures sparked by the Covid-19 pandemic.

In addition, China has halted some imports of US products in a move that could add to the friction between the two countries, and sour the prospects for existing and new trade agreements, Bloomberg reported on Monday.

Brent oil was quoted at USD37.60 a barrel at the London close, up sharply from USD35.72 at the close Friday, amid hopes OPEC and Russia were closer to a deal on extending oil cuts.

OPEC is set to hold its 179th meeting on June 9 and will meet with its allies a day later to discuss whether to extend record production cuts beyond June-end.

"Despite all the sabre-rattling surrounding Hong Kong and continuing concerns about Russia's commitment to OPEC+ cuts, oil market data has certainly been supportive, with Chinese demand recovering towards pre-virus levels and various US indicators (eg production and gasoline demand) generally heading in the right direction. Our inaugural SOPP report highlighted peak daily demand loss of 30 million barrels per day, although we sense that implied demand loss is currently sitting at nearer to 15mmbopd globally. So in simple terms, with the help of 10mmbopd of OPEC+ cuts and widespread shut-ins elsewhere, we see a market which is indeed very quickly rebalancing," said Shore Capital's Craig Howie.

Gold was quoted at USD1,734.85 an ounce at the London equities close, flat from USD1,732.75 late Friday.

The economic events calendar on Tuesday UK mortgage approvals at 0930 BST.

The UK corporate events calendar on Tuesday annual results from electrical parts maker Electrocomponents, private hospital group Mediclinic International and greeting card retailer Card Factory.

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News
1 Mar 2024 10:08

IN BRIEF: AB Foods appoints Barclays to run GBP250 million buyback

Associated British Foods PLC - London-based food and ingredient company and owner of fast-fashion retailer Primark - Enters agreement with Barclays Capital Securities Ltd to run the second tranche of AB Food's GBP500 million share buyback programme. The second tranche will be for up to GBP250 million and commence following the completion of the first tranche of the programme, expected before May 1. The first tranche, conducted by UBS Group AG, commenced on November 14. All shares repurchased will be cancelled.

Read more
24 Jan 2024 09:11

LONDON BROKER RATINGS: UBS cuts BAT to 'neutral'; Barclays cuts Senior

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

Read more
24 Jan 2024 06:00

European, US retailers absorb Red Sea shock, wary of hiking prices

Retailers look to absorb higher freight rates

*

Read more
23 Jan 2024 17:46

London close: Stocks slip as focus shifts to US earnings

(Sharecast News) - London's stock markets experienced a downturn on Tuesday, despite the release of favourable UK borrowing figures as investors turned their focus to earnings from prominent US companies on Wall Street.

Read more
23 Jan 2024 17:10

FTSE 100 ends flat as insurers overshadow miners boost

Miners rise after talks of China stimulus

*

Read more
23 Jan 2024 16:52

LONDON MARKET CLOSE: Investors unsure ahead of key central bank calls

(Alliance News) - Stock prices in London closed mixed on Tuesday, looking ahead to central bank decisions from the European Central Bank and US Federal Reserve, while also reacting to falling government borrowing in the UK.

Read more
23 Jan 2024 12:12

LONDON MARKET MIDDAY: European blue-chips fall; Primark lifts AB Foods

(Alliance News) - FTSE 100 stock prices in London were largely lower at midday on Tuesday, mirroring its European counterparts, after a positive start to the week gave way to some caution as eyes turn to central bank decisions.

Read more
23 Jan 2024 08:47

LONDON MARKET OPEN: Stocks see muted open; oil majors rise

(Alliance News) - Stock prices in London opened largely flat on Tuesday, failing to capitalise on broadly positive market sentiment elsewhere.

Read more
23 Jan 2024 08:40

Primark hopes customers won't notice Red Sea disruption in stores -finance chief

LONDON, Jan 23 (Reuters) - Associated British Foods' Primark business is currently coping with disruption to Red Sea shipments and is hopeful customers will not notice it in stores, its finance chief said on Tuesday.

Read more
23 Jan 2024 08:17

TOP NEWS: AB Foods backs Primark margin outlook after strong Christmas

(Alliance News) - Associated British Foods PLC on Tuesday reported decent Christmas sales at Primark, making up for a "slow start" to the first quarter for the high street retail arm.

Read more
23 Jan 2024 07:44

LONDON BRIEFING: Crest Nicholson names Persimmon's Martyn Clark as CEO

(Alliance News) - Stocks in London are called higher on Tuesday, as largely positive sentiment prevails across global equity markets.

Read more
23 Jan 2024 07:02

Primark Christmas sales up 2.1% despite warner weather

(Sharecast News) - Sales at clothing retailer Primark grew 2.1% on a like-for-like basis over the Christmas period despite warmer weather, parent company Associated British Foods said on Tuesday, adding that it did not expect supply disruptions from attacks on commercial shipping in the Red Sea.

Read more
22 Jan 2024 15:10

Tuesday preview: BoJ, ABF in the spotlight

(Sharecast News) - Tuesday's market spotlight will be on the Bank of Japan.

Read more
22 Jan 2024 10:58

IN BRIEF: M&C Saatchi hires Heather Rabbatts to be senior director

M&C Saatchi PLC - London-based advertising agency - Appoints Heather Rabbatts as senior independent director, joining the board on Monday. Rabbatts currently is a non-executive director of retailer and food maker Associated British Foods PLC. Previously she was a non-executive director of construction firm Kier Group PLC. Rabbatts, age 68, also was the first woman on the board of the Football Association, M&C Saatchi notes.

Read more
18 Jan 2024 09:16

LONDON BROKER RATINGS: Exane BNP cuts BAE; Liberum lifts Naked Wines

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

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.