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
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
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.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.