Investors take profits as Asos of India rises 60pc
Trendy clothing retailer
Koovs has, over the past few months, been in and out of fashion with investors more than a pair of flared trousers.
The board of the online firm, known as the ‘Asos of India’, were scratching their heads yesterday as shares spiked 60pc, before profit-taking jammed them into reverse. It is expected to announce an imminent £1.5m loan from director Lord Waheed Alli to tide it over and is talking to potential investors to fuel its £50m expansion plans.
It said: ‘Koovs notes the recent movement in its share price and would like to inform the market that it knows of no specific reason for this price movement.’
Certainly there was little suggestion of a takeover or major investment. Koovs suffered a share plunge in March, when more than half of its value was wiped off when it revealed plans to ask investors for cash. Shares closed up 5.8pc, or 0.5p, at 9.15p.
The FTSE 100 reached a tenweek high, rising 1.26pc, or 91.29 points, to 7317.34, boosted by energy and basic materials firms.
Mediclinic International, the private hospital group, raced to wards the top of the blue- chip index as it predicted full-year results would exceed expectations, driven by improvement in the Middle east. Its shares were up by 9.2pc, or 57.2p, to 682p.
Traders piled into miners after investment bank Goldman Sachs predicted the price of aluminium could surge past £2,110 a ton as a result of the US’s sanctions against rusal, the world’s second biggest producer of the metal. Major aluminium players Rio
Tinto (up 5.4pc, or 202p, to 3977p)
and BHP Billiton (up 5.5pc, or 79.6p, to 1527.2p) were among the biggest risers. Commodities trader Glencore’s shares rose 7.7pc, or 26.6p, to 374.1p.
Moneysupermarket shares bounced back following a torrid few months after the comparison site reported a 4pc increase in revenues in the first three months of the year. A growth warning had wiped more than £240m off its value in February.
Its shares, which are still 18.7pc off their January peak, were up nearly 5.1pc, or 14.4p, at 297.9p when trading closed.
Malcolm Morgan, an analyst at broker Peel Hunt, said: ‘A resilient in-line performance is welcome after a turbulent few months. We remain happy to recommend the shares as a “Buy” given our longterm positive view on the industry allied with the specific attraction of Moneysupermarket.’ An upbeat trading update kept
Hunting, a supplier to the oil and gas industry, in the FTSe 250’s big risers club for most of the day, although it slipped out by the close. It said full- year results would be ‘within the upper half of current market consensus’. Shares hopped 6.6pc, or 48.5p, to 785p.
Jupiter Fund Management was one of the worst performers after customers pulled £1.3bn from funds in the first three months of the year. Shares slid 4.6pc, or 21.3p, to 445p. Analysts at Investec jacked up
Playtech’s target price from 796p to 945p following its proposed £736m acquisition of Italian betting company Snaitech. Shares in the gambling software provider rose 1.4pc, or 11.4p, to 824.6p.
On Aim, GB Group shares soared as the cyber-security firm boasted it was trading ahead of forecasts. It expects a 53pc increase in profit and a 37pc rise in revenue in the year ending March 31. Shares rocketed 23.8pc, or 98p, to 509p.
GYG, the superyacht and maintenance firm, hailed a ‘transformative year’ with a 14.7pc rise in revenue to £54.5m. It will pay a 3.2p per share dividend. Shares closed 8.5pc, or 9p higher, at 114.5p.