The retailers were put in the hot seat today after it was reported that TopShop, a high-profile fashion business, had entered voluntary administration.
Here's a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) up 0.4% to 5789 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.3% to 5828 points
- AUD/USD at US 75.04 cents
- Iron Ore at US$60.52 a tonne, according to the Metal Bulletin
- Gold at US$1,258.76 an ounce
- Brent oil at US$54.36 a barrel
TopShop became the latest retail business to hit the wall in an industry that is 'deteriorating', according to JPMorgan, as cited by The Australian Financial Review. Myer Holdings Ltd (ASX: MYR) was among those hardest hit, given that it holds a 20% stake in Austradia, owner of TopShop Australia. Its shares lost 4.4%.
The JB Hi-Fi Limited (ASX: JBH) share price also dropped 1.6%. Harvey Norman Holdings Limited (ASX: HVN) was down 2.1%. Super Retail Group Ltd (ASX: SUL) shed 6%. And Nick Scali Limited (ASX: NCK) fell 5.1%.
Elsewhere, the Automotive Holdings Group Ltd (ASX: AHG) share price fell 10.4% after a trading update revealed weakness in the new vehicle sales market in Western Australia and the east coast as well as tighter margins. It will undertake a cost reduction program that it expects will save $10 million per annum, although it will result in restructuring costs of around $35 million.
And BT Investment Management Ltd (ASX: BTT) shed 7% after Westpac Banking Corp (ASX: WBC) completed its partial sell-down of its stake in the business.
On a more positive note, the Worleyparsons Limited (ASX: WOR) surged another 7.4% higher today. And the Ansell Limited (ASX: ANN) share price rose 4.3% after it announced the sale of its Sexual Wellness division and a share buyback program.
Here are Thursday's top stories:
