Asos, M&S,Next...Brit revamp for stock marketsTuesday, 08 February 2011
After being in focus on Monday, due to its biggest shareholder
declared a raised holding, Asos kept a highlighted place within the apparel quoted firms Tuesday. Shares in Asos, which have been under attack from short sellers in recent weeks because of their high valuation, rose 1.8 per cent to £16.75.
The stock closed up by 0.76%, leading the winners chapter within the FashionUnited Top 100 Index. The international benchmark index was also climbing by 31.55 Points, up to 1,242.03 on Tuesday’s market close. It should be reminded that Bestseller, the Danish retailer which is major supplier to Asos and owns brands such as Jack & Jones and Vero Moda, said it now owned just over 20 per cent of the company, up from 18.2 per cent previously.
In the same vein, M&S jumped to the top of the leader-board, up 11p at 370.8p, while Tesco gave up 2.25p at 399.85p in response. The British retailer is ready, steady, going to turbo-charge its online growth with the appointment of Laura Wade-Gery, currently CEO of Tesco.com and Tesco Direct. The announcement, made yesterday and well received by City analysts, confirms that Wade-Gery will join the M&S board as executive director of multi-channel and e-commerce. Her start date at M&S is yet to be confirmed, but she will be taking on the responsibilities of outgoing director of M&S Direct, Dave Hughes, whose departure was announced only last week.
Elsewhere in the sector, fashion retailer Next rose 8p at 2,006p on being upgraded to equal weight from underweight at BarCap, with the target price raised to 2,200p from 2,050p. Argos and Homebase owner Home Retail Group dipped 2.3p at 221p after a downgrade to underweight from equal-weight at BarCap, with the price target 185p, down from 210p.
Crossing the Pond, Lululemon Athletica climbed more than 2%. The maker of yoga-inspired women's fitness wear cleared a six- week flat base last week. It is now 7% above that level, and its Relative Strength line is making new highs.