Associated British Foods pulls dividend
Associated British Foods, a food processing and retailing company, reported that full-year adjusted EPS declined 40% on year to 81.1p.
Share this:
Associated British Foods, a food processing and retailing company, reported that full-year adjusted EPS declined 40% on year to 81.1p and adjusted operating profit slid 31% to 1.02 billion pounds on revenue of 13.94 billion pounds, down 12% (-11% at constant currency). The company said: "We have elected not to propose a final dividend for the year whilst we monitor the impact of further COVID-19 restrictions on Primark during this important trading season. (...) Notwithstanding the currently announced periods of restriction, we expect Primark full year sales and profit to be higher next year."
From a chartist's point of view, the downside breakout of a short term rising trend line has reinstated a bearish bias. Prices remain within a downward-sloping channel and are capped by the declining 20/50DMAs. The daily RSI (14) is below 50% and capped by a declining trend line. Readers may want to consider the potential for opening Short positions below the key resistance at 1874p, with 1554p and 1400p as bearish targets. Alternatively, a break above 1874p would call for a short term recovery towards 2027p and 2200p.
Source: GAIN Capital, TradingView
Associated British Foods, a food processing and retailing company, reported that full-year adjusted EPS declined 40% on year to 81.1p and adjusted operating profit slid 31% to 1.02 billion pounds on revenue of 13.94 billion pounds, down 12% (-11% at constant currency). The company said: "We have elected not to propose a final dividend for the year whilst we monitor the impact of further COVID-19 restrictions on Primark during this important trading season. (...) Notwithstanding the currently announced periods of restriction, we expect Primark full year sales and profit to be higher next year."
From a chartist's point of view, the downside breakout of a short term rising trend line has reinstated a bearish bias. Prices remain within a downward-sloping channel and are capped by the declining 20/50DMAs. The daily RSI (14) is below 50% and capped by a declining trend line. Readers may want to consider the potential for opening Short positions below the key resistance at 1874p, with 1554p and 1400p as bearish targets. Alternatively, a break above 1874p would call for a short term recovery towards 2027p and 2200p.
Source: GAIN Capital, TradingView
Latest market news
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
S&P 500, Nasdaq, Dow Forecast: Rising Yields Test Rally Ahead of Nvidia, Fed 8 22 2026
S&P 500, Nasdaq and Dow test key technical levels as momentum fades, raising the risk of a deeper correction heading into a pivotal week.
Magnificent Seven Earnings Preview: Can Big Tech Reclaim AI Leadership?
The Magnificent Seven enter earnings with far more divided performance than in previous years, as investors increasingly distinguish between companies supplying the AI buildout and those funding it - what does that mean heading into earnings season?
USD/JPY unwind accelerates as GPIF headlines spark yen buying
Japanese assets are rallying after the government floated the prospect of the GPIF investing more heavily at home. While the proposal could have significant implications for global capital flows, it does not yet change the broader forces driving Japanese bond yields and USD/JPY.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.