Associated British Foods on the move as Primark set to reopen

The price of shares in FTSE 100 Associated British Foods (LON:ABF) rose by 7.88% to 1,964.50p (as of 12:00 BST) after it announced plans to re-open English Primark stores on the 15th June. At present, 30% of global branches are open and this is expected to increase to 74% by mid-June following openings in England, Spain, and France.

Management said that their cash flow and liquidity forecasts for the current year had been based on the assumption that most shops would remain shut until September, meaning that the advancement in the schedule should meaningfully strengthen the position relative to that guidance.