Tuesday,24 January 2023 17:13:27

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Tuesday,24 January 2023 at 17:14

Primark owner Associated British Foods on Tuesday posted a 20% rise in sales during the Christmas period as consumers continued to hunt for bargains amid the cost-of-living crisis and return to city shopping centres.

The company, which also has agriculture, sugar and food ingredients operations, said revenue in the 16 weeks to January 7 rose to £6.7bn, with Primark sales up 18% to £3.1bn as visits to stores rose in large city centres and in retail parks after as they rebounded from Covid lockdowns.

Group full-year expectations remain unchanged.

UK and European markets closed lower with investors digesting the latest flash purchasing managers’ index data from the euro zone in January, and the early rumblings of corporate earnings season.

U.S. stocks wilted after back-to-back days of gains as investors evaluated another round of quarterly financial results from companies.

Crude oil prices were steady as concerns about a global economic slowdown and expected build in U.S. oil inventories were offset by hopes of a fuel demand recovery from top importer China.

Gold prices were flat as traders weighed the next Federal Reserve policy move next week.

Markets

At the close

FTSE 100 7,757 (-0.35%)

FTSE 250 19,855 +0.27%

DAX 15,093 (-0.07%)

At 17:00

Dow Jones 33,624 (-0.02%)

S&P 500 4,013 (-0.14%)

NASDAQ 11,353 (-0.09%)

Fixed Income

UK 10-YR YIELD 3.277

Exchange Rates

GBP/USD 1.232

GBP/EUR 1.133

Commodities

Gold $1,933 +0.14%

Brent $86.60 (-1.62%)

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.