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Burberry shares hit a 14-year low just days after the luxury fashion brand was ousted from the FTSE 100.
In another disappointing day for investors, the company’s shares fell 5.2 percent, or 33 pence, to 604.4 pence yesterday, the lowest level since May 2010.
The latest quarterly stock market shake-up took place this week and saw Burberry replaced on the blue-chip index by Lloyd’s of London insurer Hiscox (down 1.4 per cent, or 16p, to 1,165p), which is valued at £4bn.
The luxury fashion group’s value has slumped this year as customers cut back on spending on its pricey trench coats, while weaker demand from China hit sales across the industry.
Burberry also issued a profit warning, scrapped its dividend and fired its chief executive Jonathan Akeroyd this summer.
Falling in popularity: On another dismal day for investors, Burberry shares fell 5.2 percent to 604.4 pence, their lowest level since May 2010.
The stock has more than halved in value this year and has lost 14 per cent in the past two weeks. Burberry, now worth £2.2bn, is a far cry from when the stock peaked at almost 2,650p in April last year.
Earlier this week, analysts at AJ Bell said Burberry was vulnerable to a takeover due to its sharply falling share price.
In the broader market, the FTSE 100 lost 0.7 percent, or 60.24 points, to 8,181.47 and the FTSE 250 fell 1.3 percent, or 268.5 points, to 20,494.
GSK has reported positive results from the latest trial studying the effectiveness of its drug Nucala in treating patients with a common lung disease.
Chronic obstructive pulmonary disease (COPD), which causes shortness of breath and severe coughing, affects more than 300 million people worldwide. Shares in the pharmaceutical giant rose 0.8%, or 12.5 pence, to 1,651.5 pence.
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Vistry gave up profits a day after revealing it is on track to build more than 18,000 homes and said annual profits should be higher than last year.
The Bovis Homes owner also outlined plans to launch a £130m share buyback this month.
The shares, which rose 8.5 percent on Thursday, fell 6.3 percent, or 90 pence, to 1,340 pence.
Digital 9 Infrastructure has warned of a fall in valuation due to a revised outlook on the amount of cash available among its investee companies. The data centre and wireless network investor expects to report that its net asset value stood at 45 pence per share at the end of June, down from 79.3 pence six months ago.
The company, which sold its crown jewel Verne Global to French fund Ardian for £450m in March, also wants to sell some assets, except networking provider Arqiva. Shares fell 10.2 per cent, or 2.1p, to 18.5p.
Oil and gas company Zephyr Energy reported positive results from its Utah well. The shares rose 10.5 percent, or 0.4 pence, to 4.2 pence.
Large-scale battery specialist Invinity suffered heavy losses after warning that a delay in new product launches and deal closings will hit revenue this year. The forecast came after Invinity announced that chief executive Larry Zulch had stepped down after four years. Shares fell 42.3 percent, or 8.25 pence, to 11.25 pence.
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