After Inditex, H&M shakes marketsWednesday, 29 September 2010
Tuesday’s Fashion United Top 100 Index was 1143.97, after going down by 7.15 from Monday’s closure
at 1151.12 points.
H&M gained 1.1 points in the eve of presenting its third quarter results. As it happened a few days ago with its toughest competitor, Inditex, the Swedish company shares were soaring hours prior to the press conference planned to unveil the results for the first nine months of the year. However, yesterday the market appeared to put an end to the Spanish fashion empire’s bonanza as its value dropped 0.1% by the closure of the trading session. It should be reminded that less than a week ago the group presented its semester figures, revealing an admirable increase of 68% in their net profit between February and July.
European fashion firm Hennes & Mauritz will be thus in the spotlight for the whole week, as investors gauge the strength of the retail sector amid signs the euro-zone economic recovery is losing momentum. With a difference of hours, the European Commission will release its economic-sentiment indicator for September. The index rose to 101.8 in August, posting the third consecutive monthly increase.
Good week ahead for the luxury brands, as showed Hermés, up by 1.35 points while Tiffany’s improved its position a 2.38%. It also was undoubtedly a good day for the British retailer Mark & Spencer, which added 4.1 points to its quote on Tuesday. After a bad crash past week, JD Sports Fashion won yesterday 7.5 points, breaking thus the spell flaking over its shares lately. In the United States, Ross Stores was one of Tuesday’s notable stocks on the rise, up 0.7% to $55.83.
On the shadows side was to be found a varied group of European brands including Next, falling by 1.36%; Puma with a loss of 5.39 points; Ted Baker losing 4.5 points or the Indian Koutons, with a final slash of 5.9 points.