Market Report: SuperGroup roars back
Friday 05 September 2014
The embattled fashion brand SuperGroup has come roaring back to prove the doubters wrong.
The Superdry owner slumped in May after warning that sales of its logo-heavy clothing were slipping, meaning profits for the year would be at the low end of expectations. But yesterday it jumped nearly 14 per cent as boss Julian Dunkerton revealed a 15.9 per cent rise in first- quarter sales. SuperGroup added 145p to 1,191p, but still stands 30 per cent below April’s 1,744p high.
The FTSE 100 came within inches of a record-breaking close, up 4.39 points to 6,877.97. The blue-chip index recorded a 14-year intra-day high of 6,904.86, but failed to hang on to it in the afternoon session.
BP weighed on the index, with the oil giant slipping 28.75p to 455p in afternoon trading after it was found guilty of gross negligence in the Gulf of Mexico spill. The ruling opens up the possibility of larger fines.
You might think people smoke more in tough times but Exane BNP Paribas say the economic recovery is good news for Imperial Tobacco. The bank upgraded it to outperform, arguing that increasing prosperity will shrink the cigarette black market that has boomed in recent years. Imperial added 69p to 2,700p.
The online gaming specialist 888 surged in the previous session on talk that the private equity house Permira could be interested. But yesterday it fell 4.75p to 130.5p as Permira sources played down any move.
7digital enjoyed its second day of strong gains, with the music-streaming specialist climbing 2p to 21.75p. Sources put the gains down to a re-evaluation among investors of the audio social network Audioboom, up 1.12p at 12.38p, where 7Digital holds a 20 per cent stake.
A profit warning from the vending machine specialist SnackTime sent it crashing 3.75p to 9.75p. IT said it had previously overestimated the amount of cash and snacks in its machines.
The diamond industry has been in sparkling form and miner Karelian Diamond Resources showed it’s not just the big boys reaping the spoils. The Finland-focused operator added 0.05p to 1.3p after announcing that it has completed sample digs at three target sites, including one proven deposit.
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