Richemont shares drop nearly 5%
Fin24 - Sep 12th 2012, 09:07
Johannesburg – Shares in luxury group Richemont [JSE:CFR] dropped nearly 5% in midmorning trade on the JSE on Tuesday in what traders attributed to profit-taking following the release of a profit warning by Burberry Group - another luxury group listed in London.
“The counter (Richemont) has had a phenomenal run recently‚ gaining just under 10% since the start of August to date‚” said Rob Towell‚ senior equities trader at Consilium Securities.
Burberry said on Tuesday it expected adjusted profit before tax for the 12 months ended March 31 2013 to be near the lower end of market expectations.
“As we stated in July‚ the external environment is becoming more challenging‚” CE Angela Ahrendts said. “In this context‚ second-quarter retail sales growth has slowed against historically high comparatives.”
At 10:57am‚ the Richemont was down 4.28% to R53 on the JSE.
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