Sector movers: Burberry, SuperGroup drag down personal goods sector

23rd Apr 2012 17:15

There were no sectors on London's equity markets making gains on Monday after some weak economic data and political uncertainty weighed heavily on sentiment.Leading the downside were personal goods stocks with sector constituent Burberry dragging the category firmly into the red after some gloomy manufacturing data from China, a high-growth market for the business. The renowned British fashion luxury brand famous for its distinctive tartan pattern and famed trench coats, often sensitive to swings in China's economic outlook, finished the day down 4.6% after HSBC's preliminary flash purchasing managers' index rose from 48.3 to 49.1 in April but still remained under the crucial 50-point level, which shows that the industry is still contracting. Meanwhile, trendy fashion chain SuperGroup was also a heavy faller by the close, dropping 4.8% following last week's profit warning. The firm said on Friday that it now expects profit before tax for the year to end-April to be in the region of £43m, versus the current consensus forecast of £50.74m, as it admitted arithmetic errors in its forecasts and timing issues with its stock.Providing further downward pressure was the Telegraph's Questor column which this morning recommended investors to avoid the stock despite its recent slide. "Brave punters may wish to bet on a recovery but Questor would continue to avoid the shares, as has been the recommendation for some time," the paper said.Top performing sectors so far todayBottom performing sectors so far todayPersonal Goods 21,884.42 -4.52%Industrial Metals & Mining 3,763.96 -3.95%Mining 19,969.29 -3.71%Construction & Materials 3,303.06 -3.61%Electronic & Electrical Equipment 3,364.94 -3.23%BC