Shares in Aryzta were the standout performer this week, after the speciality bakery giant posted half-year results that hinted at the first signs of a recovery in the group’s underlying US business.

Aryzta shares have jumped 7% this week to €1.10, signalling improved investor confidence in the bakery giant.

Expansion

Aryzta’s half-year results show that profit margins in the group’s North America unit expanded by 40 basis points year on year to 6.8% - the first margin expansion in the US business since 2014.

Overall, Aryzta reported group sales of €1.7bn for the six month period to the end of January 2019, reflecting organic sales growth of 0.7%. Aryzta said it achieved higher sales prices of 0.9%, which was only partially offset by a 0.2% decline in volumes across the business.

Aryzta CEO Kevin Toland described the results as results the "first step" for the company to deliver on its multi-year turnaround plan.

If the stabilisation of the US business can be sustained and Toland continues to refocus the business on its frozen B2B core, Aryzta could be at the start of a comeback.

Agribusiness PLCs

Of the other agribusiness PLCs listed on the stock exchange, there were strong gains for shares in Greencore and Donegal Investment Group.

Shares in Greencore jumped more than 5% in the last week to £2.08, while Donegal shares are also up 5% in the week to €9.65.

Shares in IPL Plastics, formerly One51, gained 5% this week to move close to C$10.80.

Kerry Group shares are up almost 1% in the week to €96.10, while Glanbia’s share price was also up 1% to €18.82.

Shares in insurer FBD Holdings fell 3% to €9.10 this week.

On oil markets, the price of Brent crude oil has risen over recent weeks and is currently trading at just over $67/barrel.