Sector movers: Burberry drags personal goods stocks lower

23rd Nov 2011 15:15

Personal goods stocks were the worst performers on Wednesday afternoon, dragged lower by sector giant Burberry.The iconic British luxury brand was among the heaviest fallers on the FTSE 100 falling 4.47% to 1,113p as of 15:28. The decline comes after a key economic measure in China - a fast-growing market for Burberry - came in well below expectations. The HSBC 'flash' China manufacturing sector purchasing managers' Index (PMI) for the month of November has come in at 48.0, versus 51.0 the month before, to a 32 month low. The market consensus had been calling for a reading of 50.1. Worries of a slowdown in Chinese economic growth have surrounded Burberry over the past few months, with the Asia Pacific region accounting for £265.3m of the £775.3m total retail/wholesale revenues in the six months to 30 September. Asia Pacific underlying revenues rose by an impressive 52% in the first half.More specifically, newly-acquired stores in China contributed 14% of the 45% underlying growth in total group retail revenues during the period.Meanwhile, real estate investment trusts were making gains today, with shares of Big Yellow Group continuing to rise after yesterday's half yearly report. The storage company announced improved occupancy growth across its portfolio in the first half of its financial year, feeding through to an increase in revenue to £32.65m from £31.13m.Hansteen, Hammerson and Great Portland Estates were also making gains.BCTop performing sectors so far todayPharmaceuticals & Biotechnology 9,295.74 +0.43%Industrial Metals & Mining 3,760.72 +0.36%Real Estate Investment Trusts 1,751.18 +0.08%Electricity 8,028.72 +0.06%Food & Drug Retailers 4,508.85 +0.02%Bottom performing sectors so far todayPersonal Goods 18,407.40 -3.18%Oil Equipment, Services & Distribution 20,165.83 -2.22%Financial Services 4,238.39 -2.15%Fixed Line Telecommunications 2,044.51 -2.08%Technology Hardware & Equipment 673.11 -1.76%