Traders at London Stock Exchange were uncertain over the consumer confidence index which has
substantially declined for the month of January in UK and Ireland. Most analysts expect the consumer confidence will continue to decline in the current year 2011.
Marks & Spencer turned out to be one of the biggest falls on FTSE 100 and reported the decline of 1.87 percent to 344.72 for the day. Its total traded volume stood at 12.68 million shares. NEXT plc plunged 2.28 percent to 2,017.98 for the day with traded volume of 1.54 million shares.
Burberry made the exception, climbing 2.5%. The luxury group advanced 31p to £11.35, after Fawaz Abdulaziz Alhokair, the Saudi Arabia-based retailer, said it had agreed to set up a joint venture to market and sell the luxury good group's products. In a statement, Alhokair said it would hold a 40% stake in the Riyadh-based company that is to sell Burberry goods in Saudi Arabia.
Burberry shares have fallen from record highs in the wake of the earthquake and tsunami in Japan, which accounts for about 11% of global luxury goods sales. The stock is a popular holding in UK funds, including Liontrust European Absolute Return and Aviva Investors UK Special Situations.
The FashionUnited Top 100 Index closed Wednesday at 1,158.39, considerably below the American Dow Jones, that led the indexes chapter closing at 1,228. In Asian stock markets, Japan’s Nikkei 225 gained by 2.6 percent or 249 points 9,708.79 for the day which happens to its highest since tsunami of March 11th, 2011.
US stock markets also edged up, after official data showed a larger-than-expected rise in consumer spending in February. The Dow Jones industrial average advanced 0.17% to 12,242; the Standard & Poor's 500 Index gained 0.12% to 1,315; and the Nasdaq Composite Index climbed 0.09% to 2,745.
Phillips-Van Heusen Corporation (PVH) surged by 8.36% and closed at $65.20 whereas overall traded volume stood at 4.04 million shares for the day as compare to its average volume stood at 1.07 million. The company maintains strong short term liquidity position with current ratio of 2.24 times.
Deutsche Bank was out with its report yesterday on PVH, raising its PT from $62 to $69. In a note to clients, the German bank wrote, "Commentary from PVH's 4Q call was upbeat. To summarize two key themes: (1) Business trends continue strong: During 4Q, every brand, geography, and channel saw strength, which continued in to 1Q. (2) Mgmt. is trying to plan the year conservatively: PVH spent time articulating a well thought-out plan, one which it believes is conservative due to potential (a) sales upside from CK/Tommy and (b) SG&A trimming, as needed. Bumping PT to $69 on 14x P/E. HOLD based on balance of market leadership vs. potential risk from higher sourcing costs." At the time of posting, shares of PVH were trading pre-market at $64.93, down 0.41% from Tuesday's close.