Sugar, property and diggers

The FTSE 100 confounded forecasts and opened in positive territory as markets regained focus after shrugging off concerns over OPEC's failure to agree an oil production freeze. Wall Street closed higher overnight and Asian markets were ahead in early trading today. 

“Low sugar prices have left a bitter taste for Associated British Foods’ investors in the past and the group has been reliant on budget retailer Primark to bolster its numbers,” says AJ Bell Investment Director Russ Mould.

“But in the first half Primark’s revenues fell at actual exchange rates while sugar delivered a better-than-expected result and the group has increased its dividend by 3%. There is, though, uncertainty over how Chancellor George Osborne’s tax on sugary drinks will be implemented. 

“Online property portal Zoopla is increasing its reach after agreeing to buy Property Software Holdings for £75m. PSG is a B2B service provider used in more than 8,000 estate agency branches. Zoopla sees the deal as a game-changer as it combines its marketing solutions with PSG’s workflow solutions.

“Fresnillo topped the blue-chip board in early trading with heavyweight miners Anglo American, BHP Billiton, Glencore and Rio Tinto in close pursuit."

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