StockMarketWire.com - UK stocks opened higher on Monday as no-deal Brexit fears put pressure on the pound, helping exporters, while Primark owner Associated British Foods released a pleasing trading update.

At 0830, the benchmark FTSE 100 index was up 65.32 points, or 1.1%, at 5,864.40.

Britain has set a 15 October deadline for striking a trade deal with the European Union. On Monday, prime minister Boris Johnson said that if the deadline is missed, both sides should 'accept that and move on'.

Food and clothing conglomerate Associated British Foods rose 1.7% to £20.61, even as it warned of a significant slump in annual earnings pinned on store closures forced by the Covid-19 pandemic.

At the same time, AB Foods added that its Primark discount clothing retailer was expected to generate adjusted operating profit at least at the top end of guidance, following a strong showing in the fourth-quarter.

Mining company Hochschild Mining added 2.5% to 237.8p, despite cutting its output guidance due to disruptions and temporary delays in mine sequencing.

Hochschild also announced its flagship Inmaculada operation in Peru was back up and running at full capacity.

Specialist media group Future jumped 14% to £16.64 on guiding for full-year adjusted operating profit 'materially ahead' of current market expectations.

Future said it was benefiting from a global shift toward digital media channels. In August, its organic unique visitors in the UK and US rose 25% and 40%, respectively, on-year.

Power utility National Grid firmed 1.2% to 843.2p, despite having submitted a critical response to UK regulators' plans for the sector, describing them as 'unacceptable', partly because they involved a 'low allowed baseline return'.

Veterinary pharmaceutical business Dechra gained 5.9% to £32.70 after it hiked its dividend 8.5% on the back of a 47% jump in first-half profit underpinned by higher drug sales in Europe.

Consumer goods group UP Global Sourcing, also known as Ultimate Products, rallied 8.2% to 113.35p as it reinstated its interim dividend, even as its underlying profit slipped 2.7% in the first half.

Ultimate Products said it was reinstating its suspended 1.16p per share interim dividend, which would now be payable on 9 October.

Maritime surveillance and management system provider SRT Marine Systems sank 13% to 36p, having swung to a full-year loss after sales slipped and it recorded an impairment charge on a Middle Eastern project.

Out-of-hospital services provider Totally slumped 12% to 17.42p after it warned that revenue wouldn't grow as much as before due to the pandemic's impact on elective procedures.

At 8:43am:

[LON:ABF] Associated British Foods PLC share price was +25.5p at 2052.5p

[LON:DPH] Dechra Pharmaceuticals PLC share price was +185p at 3273p

[LON:FUTR] Future PLC share price was +234p at 1688p

[LON:HOC] Hochschild Mining PLC share price was +6.7p at 238.7p

[LON:UPGS] UP Global Sourcing Holdings Plc share price was +6p at 110.75p



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