Primark

Shares in Associated British Foods, which owns Primark, have bounced back strongly after falling in the immediate aftermath of the ‘Brexit’ vote. The shares rose about 9% after the company announced on Thursday that its financial outlook for the year had improved. Its management is expecting a boost from the weaker pound, which means its sales in Europe will be worth more when translated into sterling. The company also acknowledged that the weaker pound might hurt profits in Primark’s UK stores, as it increases costs