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Tuesday 07th of October 2008
November 27, 2006

Clothing retailers lower in London


by Elaine Frei

In London on Monday, the FTSE 100 was 1.2 percent lower to 6,050.1, its lowest close since early October and its largest one day percentage decline since the end of September. Meanwhile, the FTSE 250 also declined, dropping 0.9 percent to 10,493.6.

The retail sector saw declines on slow sales for clothing retailers due to mild weather so far this autumn. Debenhams dropped 1 percent to 194p, while Next fell 2 percent to £17.94. Rumors have underlying sales at Next down by up to 20 percent year-on-year.

In the steel sector, Corus was 1 percent lower to 499½p on worries that pension fund trustees might hold up merger talks with CSN of Brazil. Elsewhere, concerns that the government of Saudi Arabia might pull out of deal to buy 72 Eurofighter planes sent BAE Systems down 3.1 percent to 391p/

The 250 was saved from further declines by advances in the homebuilders sector when Wilson Bowden gained 14.6 percent to £20.98 after it said it has received several takeover inquiries. The mid-caps index was also helped by the news that First Choice Holidays is talking about selling its package tour operations to My Travel. My Travel was 7.1 percent higher to 214p, while First Choice gained 12 percent to 257p.

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