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Six to buy

Associated British Foods

The Sunday Times

Shares in Primark’s owner Associated British Foods have fallen far below pre-pandemic levels owing to rising inflation and shaky consumer confidence. Higher wages and energy prices are increasing Primark’s operating costs, and although it will raise prices in the autumn, margins will suffer this summer. It’s a similar story at the food business. However, “the sell-off looks overblown”. Primark is “an obvious beneficiary” of shoppers looking for more affordable alternatives, and the “demise