Markets

Markets Wrap: Shares at Penny’s owner soar as US tech stocks boom

Associated British Foods ended the day 6.7 per cent higher

Associated British Foods: Food and retail giant reported a 5 per cent increase in adjusted operating profits to £1.5 billion for the 12 months to September 16. Picture: Marc O'Sullivan

Penny’s owner Associated British Foods rose 6.7 per cent on Tuesday after a strong trading update, while across the Atlantic technology stocks look set to hit their longest winning run in two years.

The British food and retail giant, which is listed on the London stock exchange, reported a 5 per cent increase in adjusted operating profits to £1.5 billion for the 12 months to September 16.

Its positive impact did not come across to ...