Markets

Markets Update: Penneys owner rises on solid results; Iseq drops

Analysts and investors applauded Penneys owner Associated British Food’s quarterly results, which they said showed resilience

AB Foods – the owner of Primark which trades as Penneys in Ireland – saw its share price rise 1.6 per cent following its trading update for 16 weeks to January 6

Associated British Foods (AB Foods), the owner of Primark which trades as Penneys in Ireland, was a bright spot in gloomy European markets on Tuesday as the Iseq, along with stock exchanges in the rest of Europe and the UK, fell.

AB Foods saw its share price rise 1.6 per cent following its trading update for 16 weeks to January 6, which reported a 7.9 per cent rise in sales.

Aarin Chiekrie, equity analyst at ...