FTSE off to a flat start ahead of US vote; AB Foods jumps while Schroders sinks – Market Report [Video]

The FTSE 100 made a flat start as investors kept their powder dry ahead of the start of voting in the US Presidential election.

The Footsie was level at 8,183 despite a strong showing from Primark owner AB Foods which posted annual profits up 43% with shareholders rewarded with a special dividend and £500 million buyback.

Other retail news was less encouraging with the British Retail Consortium reporting a slowdown to 0.6% growth last month against 2.6% in October.

Online fashion group ASOS’s struggles also continue with group-wide sales falling by 16% to £2.9 billion. This was below the 15% sales decline previously guided by the group while losses jumped to £126 million.

Schroders was the worst Footsie performer, however, after the fund manager saw more institutional outflows with three more customers handing in their notice. Shares tumbled 13% even though assets under management hit a record high due to …