Tuesday,08 November 2022 17:19:35

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Tuesday,08 November 2022 at 17:20

The owner of fast-fashion retailer Primark, Ovaltine and Twinings has announced its first share buyback.

Associated British Foods’s £500 million distribution to shareholders, along with a rise in the dividend, came as the group posted a jump in annual profits and revenues.

Pre-tax profits at the company, which include the food and sugar divisions, rose 48 per cent to £1.07 billion and revenues increased by 22 per cent to £16.9 billion, sending ABF’s share price higher in early trading.

U.K. and European markets edged higher as global investors looked to the United States, where midterm elections are taking place.

U.S. stocks edged higher as investors await the outcome of the midterm elections in the U.S.

Oil prices slipped as recession concerns and worsening COVID-19 outbreaks in top crude importer China heightened fears of lower fuel demand.

Gold priced higher.

Markets

At the close

FTSE 100 7,306 +0.08%

FTSE 250 18,697 +0.75%

DAX 13,688 +1.15%

At 17:15

Dow Jones 32,350 +1.59%

S&P 500 3,853 +1.23%

NASDAQ 10,720 +1.49%

Fixed Income

UK 10-YR YIELD 3.550

Exchange Rates

GBP/USD 1.158

GBP/EUR 1.148

Commodities

Gold $1,710 +2.14%

Brent $96.62 (-1.30%)

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.