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Sector movers: Retail stocks boosted strong sales at John Lewis

Fri, 10th Jan 2014 15:35

General retail stocks were on shopping lists on Friday after strong results from High Street bellwether John Lewis and data showing a surge in online retail sales during December.According to the British Retail Consortium (BRC), overall retail sales rose at a year-on-year rate of 0.4% last month, down from 0.6% growth in November and lower than the 0.8% gain expected by analysts. However, the survey did find that online sales of non-food products surged by 19.2% compared with last year - the fastest rate of growth in four years.Online fashion retailers ASOS and N Brown were among the best performers in the retail sector today.Reports of a 23.6% jump in New Year same-store sales at John Lewis lifted sentiment in the industry today, following on from a record Christmas for the department store chain.Debenhams, which shocked the market with a profit warning last week, was a high riser in London today, up nearly 7%. Next, meanwhile, was benefitting from a ratings upgrade by Santander.JD Sports Fashion edged higher after saying it is on track to deliver annual profit in line with market expectations following a strong Christmas trading period. Like-for-like sales for the group's core Fascia stores in the 48 weeks to January 4th 2014 were said to be "marginally ahead" of the previous year. Sportswear retail rival Sports Direct was also in demand today.Bonmarche, the ladies fashion retailer which listed in London just two months ago, continued its steady rise after analysts at Investec initiated coverage on the stock with a 'buy' rating. The shares, up over 3% today, have now risen by 18% since the first day of dealings on November 20th.The broker said that the stock's valuation is "undemanding" given the company's "superior growth rate" and "multiple profit drivers".Top performing sectors so far todayPersonal Goods 24,298.13 +2.89%Industrial Transportation 3,273.53 +2.57%Forestry & Paper 10,803.67 +2.29%General Retailers 2,806.36 +1.82%Automobiles & Parts 8,982.85 +1.75%Bottom performing sectors so far todayTechnology Hardware & Equipment 1,150.80 -1.64%Food & Drug Retailers 4,255.97 -0.38%Tobacco 34,769.05 -0.28%Industrial Metals & Mining 1,295.97 -0.19%BC

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