Mulberry tumbles where Burberry grows strongerWednesday, 21 December 2011
Ralph Lauren Corporation (NYSE: RL) announced that
its Board of Directors has declared a regular quarterly dividend of $0.20 per share on Ralph Lauren Corporation Common Stock. Mulberry and Burberry topped both ends of FTSE in London, while Hong Kong market lost part of its lust.
The dividend is payable on January 13, 2012 to shareholders of record at the close of business on December 30, 2011. The American brand’s shares opened Monday below their pivot of $139.78 and have already reached the first level of support at $137.61. Analysts will be watching for a cross of the next downside pivot targets of $136.10 and $132.42, advanced at FNN.
In London, leather goods specialist Mulberry Group opened trade 33p higher at 1468p per share, to sharply fall by 4.33% by the end of the session. Meanwhile, Burberry shares have been volatile in recent months following concerns about the effect of a global slowdown on the luxury goods market. But they climbed 17p to £11.68 on Tuesday on hopes the company may get a better deal out of its relationship with French perfume group Interparfums, its largest licensee outside Japan. Burberry said it wanted to renegotiate the existing contract, and analysts said this could mean the two forming a full joint venture. Alternatively Burberry could exercise its right to buy out its contract in July 2012 for a minimum payment of €200m, rather than wait till the license period ends in 2017.
Finally, Hong Kong stock market saw part of its shine faded on Tuesday, when Hong Kong shares inched up 0.1 percent, with the benchmark index barely holding on to a gain at the end of a choppy day on which turnover slumped to its lowest in 2011, reports Reuters. This trend is likely to continue into year's end with investors defensively positioned as the euro zone debt crisis lingers and growth in the Chinese economy slows.