Associated British Foods update reassures markets

The price of shares in FTSE 100 firm Associated British Foods (LON:ABF) increased by 5.42% to 2,071p (as of 12:40 BST) after the company posted a statement for the 40 weeks ended 20th June. Group revenues were down by 13%, but most non-retail segments saw positive developments. Nearly all Primark branches have now reopened, but the closures led to sales losses of roughly £650 million a month.

Primark sales in the last week in England and Ireland were ahead of the same period a year ago with minimal markdowns on in-store ranges. Discussions are ongoing regarding rent payments for the period when stores were closed.