London's FTSE 100 nudges up a meagre 3 points to 6,810 as investors sit on the sidelines ahead of the impending US election result. The blue chip benchmark surged 113.64 points higher on Monday in hope of a Hillary Clinton victory across the pond.
Sweetening things up for investors is conglomerate Associated British Foods (ABF), which firms 6.1% to £26.40 on better-than-expected full year results. Besides a boost from the weak pound on translation, the numbers reflect selling space expansion at Primark, increased margins in all ABF's food businesses as well as 'fundamental structural changes' at AB Sugar.
In his outlook statement, chairman Charles Sinclair expects ABF to deliver progress in adjusted operating profit and adjusted earnings for the coming year.
Marks & Spencer (MKS) is marked down 1.9p to 347.1p on poor half year results showing a slump in pre-tax profits as like-for-like clothing and home sales fall 2.9%. Yet CEO Steve Rowe announces a well-received strategy update. Following a 'forensic review' of its UK and International store estate, Rowe says he'll shutter 60 UK clothing stores, reducing the retailer's reliance on its underperforming fashion business, and also close wholly-owned stores in ten loss-making overseas markets.
Switzerland-listed recruitment bellwether Adecco provided some small positives for UK recruiters PageGroup (PAGE) and Hays (HAS). Revenue gained 3% excluding contributions from acquisitions and operating margin was down marginally at 5.5% driven by tougher conditions in temporary recruitment.
Performance picked up early in the fourth quarter of calendar 2016, says chief executive Alain Dehaze. Hays trades 1% higher at 140p and PageGroup is up 0.7% at 369p.
Imperial Brands (IMB) sheds almost 3% at £37.03 as chief executive Alison Cooper says the tobacco giant’s 2017 profit will be weighted towards the second half of the year. Part of the reason for this is investment in lower pricing which will total £200m, the majority of which will be delivered in the six months to 31 March 2017.
Industrial parts distributor Trifast (TRI:AIM) gains 4.1% to 180p as veteran executive chairman Malcolm Diamond moves to a non-executive role. Existing chief executive Geoff Budd and finance officer Glenda Roberts will step up to take on more executive responsibilities.
