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AB Foods lifted by Primark sales boost

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Shares in Associated British Foods jumped 6% after the company reported a better-than-expected performance from its Primark clothing chain.AB Foods said third-quarter revenues were up 13% when exchange rate movements were stripped out, and 20% higher at actual exchange rates.The firm said its results were better than forecast because of “stronger profit delivery from Primark”.In the UK, Primark’s total sales for the year to date are up 9%.The jump in AB Foods’ share price made it the biggest riser on the FTSE 100, but the index itself was down 1.67 points at 7,365.93 in early trade.Shares in consumer health giant Reckitt Benckiser fell 2% after the company cut its revenue growth forecast as a result of last week’s cyber-attack.Reckitt- whose products include Nurofen and Cillit Bang – said like-for-like revenue growth in the second quarter of the year would be cut by 2% as a result of the disruption to manufacturing caused by the attack.In addition, it said continued production difficulties in some factories meant that “we also expect to lose some further revenue permanently”.On the currency markets, the pound was flat against the dollar at $1.2931 and down slightly against the euro at 1.1378 euros.
Source: BBC