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Index up to welcome 2011

By FashionUnited

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Waving bye to not only the year but a gray week, the FashionUnited Top 100 Index closed

Thursday in positive, after upping by 2.38 points and reaching 1.260.89 at market close. Among the best performances, two Japanese: Sanei International & FastRetailing.

European stock markets sett off its early gains and loses its grip over the market, the last full trading day of the year mark low volumes as many traders are already gone for the New Year’s holiday. Mixed representation though in the FashionUnited Top 100 Index, sine there were European companies both in the winners (Next, French Connection) and losers (Triumph and Burberry).

In the UK, the ‘IMRG Capgemini e-Retail Sales Index’ grew 21.5% year-on-year during November with Britons spending an estimated £6.4 billion shopping online; this compares to £5.3 billion spent in November 2009. As temperatures plummeted more shoppers moved online to do their festive shopping, resulting in above average monthly growth across most sectors. Similar growths were found in main economies, where the Christmas spirit led shoppers to shake off their worries and spend over the average of the previous months.

One of the main characters of the Index, the Indian retailer Koutons, is reportedly considering selling up to 15% stake to raise cash to pay down excessive debt and revive its flagging fortunes. Private equity funds, such as TPG Capital and Banyan Tree Finance, and a Mumbai-based apparel company are in talks with the promoters for the deal. According to reports, the proposed stake sale, which will happen through the issue of fresh shares, will reduce the promoters’ stake to 27%, on the expanded capital base, from 32%. The stock ended up by 0.09% after weeks of speculation due to its finances.

On the other extreme of the Index, the American smart clothing firm Liz Claiborne, whose stocks have been downgraded by Zacks Investment Research from a “neutral” rating to an “underperform” rating in a research note to clients and investors early this week. The stock closed 0.28% down yesterday. 
FashionUnited