Oil prices up, boosting Asia

Oil prices have boosted markets globally after hitting six-month highs, after a decline in US production.

Both Canadian and US crude have seen output disruptions, leading to a rise in prices.

US crude rose 1.1 percent to $48.24 on top of a 3.3 percent increase in Monday, with Brent futures rising 0.6 percent to $49.29 per barrel.

The jump in oil boosted shares in Asia, with both the Nikkei 225 and the Hang Seng up 1.13 percent (0830GMT).

Premier Foods see strong sales

British food group Premier Foods saw sales of branded foods rise 1 percent in the fourth quarter, after a disappointing rest of the year.

The brands, which include Mr Kipling cakes, Oxo seasonings and Bisto gravy, saw flat sales across the 12 months to April before picking up markedly over the past three months.

Full-year sales rose 0.6 percent and the company saw a pre-tax profit of £34 million after a significant loss last year.

Chief executive Gavin Darby said in a statement: “Our strategy of investing behind our brands and bringing new innovative products to market continues to deliver very positive results, with six of our major brands growing on average +3.4 percent in the year.”

Apple shares bounce on Buffett investment

Apple shares closed up 3.7 percent in yesterday’s session after Warren Buffett announced a $1 billion stake in the tech firm.

The investment represents a move away from the norm for Buffett’s investment fund, Berkshire Hathaway, who traditionally buy stakes in “value stocks”. Apple’s shares, which had sunk after a fall in demand, were too good an offer for Buffett’s stock-picking team,Todd Combs and Ted Weschler.

The Apple holding makes Berkshire Hathaway the 56th largest shareholder. Apple shares are up a further 0.10 percent in after hours trade.

 

17/05/2016