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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 +0.07% 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 -0.2365% rose 0.3% to $1.3647.

Oil prices /zigman2/quotes/209723049/delayed CL00 -1.01% 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 +2.97% /zigman2/quotes/202286639/delayed UK:BP -0.14% , off 2%.

Banks were under pressure across the board with NatWest /zigman2/quotes/203233010/composite NWG +1.96% /zigman2/quotes/209265718/delayed UK:NWG +0.14% down over 2% and Barclays /zigman2/quotes/208409333/delayed UK:BARC +0.57% /zigman2/quotes/206581728/composite BCS +3.59% and HSBC /zigman2/quotes/208272822/composite HSBC +3.93% /zigman2/quotes/203901799/delayed UK:HSBA +0.04% dropping over 1% each.

The biggest decliner was Associated British Foods /zigman2/quotes/204493701/delayed UK:ABF -0.48% , 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 -2.85% 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 -0.32% 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
7,423.60
+5.45 +0.07%
Volume: 96,898
May 16, 2022 9:45a
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/zigman2/quotes/210561263/realtime/sampled
US : Tullett Prebon
1.2235
-0.0029 -0.2365%
Volume: 0.0000
May 16, 2022 5:00a
loading...
/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 109.37
-1.12 -1.01%
Volume: 53,729
May 16, 2022 4:50a
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/zigman2/quotes/207305210/composite
US : U.S.: NYSE
$ 30.49
+0.88 +2.97%
Volume: 14.04M
May 13, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
4.23%
Market Cap
$98.10 billion
Rev. per Employee
$2.62M
loading...
/zigman2/quotes/202286639/delayed
UK : U.K.: London
414.10 p
-0.60 -0.14%
Volume: 4.85M
May 16, 2022 9:45a
P/E Ratio
N/A
Dividend Yield
4.32%
Market Cap
£80.28 billion
Rev. per Employee
£1.92M
loading...
/zigman2/quotes/203233010/composite
US : U.S.: NYSE
$ 5.21
+0.10 +1.96%
Volume: 2.78M
May 13, 2022 4:00p
P/E Ratio
6.97
Dividend Yield
5.22%
Market Cap
$26.90 billion
Rev. per Employee
$301,567
loading...
/zigman2/quotes/209265718/delayed
UK : U.K.: London
£ 210.30
+0.30 +0.14%
Volume: 2.25M
May 16, 2022 9:44a
P/E Ratio
7.71
Dividend Yield
0.05%
Market Cap
£22.02 billion
Rev. per Employee
£219,273
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/zigman2/quotes/208409333/delayed
UK : U.K.: London
151.22 p
+0.86 +0.57%
Volume: 6.20M
May 16, 2022 9:45a
P/E Ratio
N/A
Dividend Yield
3.97%
Market Cap
£25.19 billion
Rev. per Employee
£276,176
loading...
/zigman2/quotes/206581728/composite
US : U.S.: NYSE
$ 7.50
+0.26 +3.59%
Volume: 5.56M
May 13, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
4.16%
Market Cap
$30.78 billion
Rev. per Employee
$377,068
loading...
/zigman2/quotes/208272822/composite
US : U.S.: NYSE
$ 30.71
+1.16 +3.93%
Volume: 3.41M
May 13, 2022 4:00p
P/E Ratio
10.90
Dividend Yield
4.04%
Market Cap
$123.24 billion
Rev. per Employee
$273,805
loading...
/zigman2/quotes/203901799/delayed
UK : U.K.: London
501.60 p
+0.20 +0.04%
Volume: 3.74M
May 16, 2022 9:45a
P/E Ratio
12.19
Dividend Yield
4.08%
Market Cap
£100.85 billion
Rev. per Employee
£200,552
loading...
/zigman2/quotes/204493701/delayed
UK : U.K.: London
1,660.50 p
-8.00 -0.48%
Volume: 46,900
May 16, 2022 9:44a
P/E Ratio
16.57
Dividend Yield
2.07%
Market Cap
£13.19 billion
Rev. per Employee
£120,727
loading...
/zigman2/quotes/225812915/delayed
UK : U.K.: London
£ 92.72
-2.72 -2.85%
Volume: 112,218
May 16, 2022 9:43a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
£1.77 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205386705/delayed
UK : U.K.: London
1,570.00 p
-5.00 -0.32%
Volume: 77,380
May 16, 2022 9:45a
P/E Ratio
13.51
Dividend Yield
3.45%
Market Cap
£6.25 billion
Rev. per Employee
£276,993
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