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However, the Guardian reports that there has now been a positive turn as stocks rose to 41p, an increase of 44 per cent, after investors were assured that the firm would meet its banking covenants.
Also in the food industry, Marks and Spencer (M&S) saw its grocery sales fall by 5.3 per cent on a like-for-like basis but announced that it saw long-term opportunities to grow market share.
Premier Foods gains around 10 per cent of its business from supplying products to M&S and it is thought this could be part of the reason for the gains seen by the company's shares.
In other stocks and shares news, ShareCast reports that AB Foods saw a three per cent rise in its full-year pre-tax profit after sales in its grocery and agriculture divisions were particularly strong.
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