Market Report: Investors couldn't ditch the owner of Superdry quickly enough
Friday 09 May 2014
SuperGroup was out of fashion with traders yesterday after a disappointing update.
Sales at stores open for at least a year fell by 1.3 per cent during the last three months, with the Superdry owner blaming a "challenging" environment. Management also warned that full-year profits are likely to be at the low end of expectations.
Despite a mild reaction from analysts – just a "timing blip", said one – investors couldn't ditch the windbreaker and polo shirt maker fast enough. SuperGroup ended the day 169p lower at 1,179p.
The FTSE 100 chalked up its first day of gains this week, closing 42.81 points higher at 6,839.25. Barclays' turnaround plans helped drive the gains, with the bank putting on 19.15p to 262.45p.
The British Airways owner IAG rose ahead of first-quarter results out today. It added 10.4p to 404.6p.
The accounting and payroll software provider Sage was the worst performer after the surprise departure of long-standing chief Guy Berruyer. Sage lost 22.5p to 399.5p.
The digital sports specialist Perform surged to the top of the FTSE 250 thanks to first-quarter revenues up 32 per cent on last year. Perform, which looks after live streaming and websites for the likes of Chelsea, added 16p to 250p.
The private equity group 3i advanced 11.1p to 384p on the back of bullish notes from Oriel Securities and Société Genéralé. Both set a target price of 460p and predicted that the restructuring of the business will reap rewards for shareholders at the annual results next Wednesday.
Hume Capital Securities fell to the bottom of AIM after the chief executive stepped down amid a review of the finances. Hume, off 0.05p at 0.13p, said it is in advanced talks with a group of investors over potential funding.
LZYE, the AIM-listed operator of children's clubs in Hong Kong, surged 0.6p to 0.7p after admitting that its plan to delist has been defeated by proxy votes.
New World Oil & Gas, one of AIM's many energy operators, moved closer to a slice of Kuwait's fossil fuels with an agreement to participate in bid rounds for drilling and production in the oil-rich state. New World rose 0.17p to 0.72p.
Investors couldn't ditch the owner of Superdry quickly enough
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