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Jan. 20, 2022, 10:05 a.m. EST

FTSE struggles as oil stocks decline, and Primark owner ABF drops on results

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By Barbara Kollmeyer

London stocks struggled for traction on Thursday, weighed by losses for heavily weighted energy stocks and banks, with shares of Primark-owner Associated British Foods dropping after results.

The FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.27% fell 0.2% to 7,574.93, in a week that has seen the index gain 0.4% so far. That’s as U.S. stocks climbed in early trade after another pullback, and Asian equities climbed after interest rate cuts from China . The pound /zigman2/quotes/210561263/realtime/sampled GBPUSD -0.0165% rose 0.3% to $1.3647.

Oil prices /zigman2/quotes/209723049/delayed CL00 +0.35% were backtracking from a run that has seen the commodity reach 2014 highs, which took the shine off shares of Royal Dutch Shell , down more than 2% and BP /zigman2/quotes/207305210/composite BP +0.83% /zigman2/quotes/202286639/delayed UK:BP +0.99% , off 2%.

Banks were under pressure across the board with NatWest /zigman2/quotes/203233010/composite NWG +1.13% /zigman2/quotes/209265718/delayed UK:NWG -1.04% down over 2% and Barclays /zigman2/quotes/208409333/delayed UK:BARC -0.23% /zigman2/quotes/206581728/composite BCS +1.43% and HSBC /zigman2/quotes/208272822/composite HSBC +0.85% /zigman2/quotes/203901799/delayed UK:HSBA +0.50% dropping over 1% each.

The biggest decliner was Associated British Foods /zigman2/quotes/204493701/delayed UK:ABF +0.41% , down 3.5% after the multinational food processing and retailing company said revenue for the first quarter rose, but Primark sales declined, and left its full-year guidance unchanged . ABF said Primark sales from now to April are anticipated to be significantly better than those of the same period a year ago.

James Grzinic, analyst at Jefferies, remained upbeat, with a buy rating on the company. “Omicron-reduced footfall late in Q1 has impacted Primark sales less than we had feared, hopefully marking the last COVID-related deterioration in sales momentum. Past periods of reduced restrictions have shown Primark’s ability to defend strong consumer attractions and double-digit margins,” said Grzinic.

Deliveroo /zigman2/quotes/225812915/delayed UK:ROO -1.42% shares jumped 3% after the food-delivery service reported its gross transaction value growth in 2021 was at the top end of the guidance range .

Burberry shares /zigman2/quotes/205386705/delayed UK:BRBY +0.91% were up a second day after the luxury retailer reported higher revenue and comparable-store sales in the third quarter of fiscal 2022.

/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,486.67
+20.07 +0.27%
Volume: 445,496
Nov. 25, 2022 4:57p
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/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.2091
-0.0002 -0.0165%
Volume: 0.0000
Nov. 25, 2022 4:59p
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/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 76.55
+0.27 +0.35%
Volume: 250,830
Nov. 25, 2022 1:44p
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/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 35.27
+0.29 +0.83%
Volume: 3.51M
Nov. 25, 2022 1:10p
P/E Ratio
N/A
Dividend Yield
3.84%
Market Cap
$106.88 billion
Rev. per Employee
$3.38M
loading...
/zigman2/quotes/202286639/delayed
UK : U.K.: London
488.35 p
+4.80 +0.99%
Volume: 24.86M
Nov. 25, 2022 4:35p
P/E Ratio
N/A
Dividend Yield
4.07%
Market Cap
£88.37 billion
Rev. per Employee
£2.66M
loading...
/zigman2/quotes/203233010/composite
US : U.S.: NYSE
$ 6.26
+0.07 +1.13%
Volume: 527,842
Nov. 25, 2022 3:30p
P/E Ratio
9.82
Dividend Yield
4.65%
Market Cap
$29.87 billion
Rev. per Employee
$329,132
loading...
/zigman2/quotes/209265718/delayed
UK : U.K.: London
£ 256.00
-2.70 -1.04%
Volume: 18.37M
Nov. 25, 2022 4:35p
P/E Ratio
10.38
Dividend Yield
0.05%
Market Cap
£24.70 billion
Rev. per Employee
£258,720
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/zigman2/quotes/208409333/delayed
UK : U.K.: London
159.06 p
-0.36 -0.23%
Volume: 11.97M
Nov. 25, 2022 4:35p
P/E Ratio
N/A
Dividend Yield
3.93%
Market Cap
£25.22 billion
Rev. per Employee
£297,978
loading...
/zigman2/quotes/206581728/composite
US : U.S.: NYSE
$ 7.81
+0.11 +1.43%
Volume: 2.84M
Nov. 25, 2022 1:10p
P/E Ratio
N/A
Dividend Yield
3.91%
Market Cap
$30.50 billion
Rev. per Employee
$380,831
loading...
/zigman2/quotes/208272822/composite
US : U.S.: NYSE
$ 29.72
+0.25 +0.85%
Volume: 756,638
Nov. 25, 2022 3:30p
P/E Ratio
9.96
Dividend Yield
4.51%
Market Cap
$118.80 billion
Rev. per Employee
$312,823
loading...
/zigman2/quotes/203901799/delayed
UK : U.K.: London
491.95 p
+2.45 +0.50%
Volume: 10.65M
Nov. 25, 2022 4:35p
P/E Ratio
10.49
Dividend Yield
4.54%
Market Cap
£98.23 billion
Rev. per Employee
£246,020
loading...
/zigman2/quotes/204493701/delayed
UK : U.K.: London
1,589.50 p
+6.50 +0.41%
Volume: 668,294
Nov. 25, 2022 4:35p
P/E Ratio
17.93
Dividend Yield
2.75%
Market Cap
£12.54 billion
Rev. per Employee
£128,758
loading...
/zigman2/quotes/225812915/delayed
UK : U.K.: London
£ 90.50
-1.30 -1.42%
Volume: 2.01M
Nov. 25, 2022 4:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
£1.68 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205386705/delayed
UK : U.K.: London
2,113.00 p
+19.00 +0.91%
Volume: 1.44M
Nov. 25, 2022 4:35p
P/E Ratio
19.03
Dividend Yield
2.46%
Market Cap
£8.15 billion
Rev. per Employee
£307,974
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