LET'S HAVE SOME FUN

uk-analyst Stockmarket Reporter:
JP Morgan argued, that given the 10% rally seen in retail sector shares in last 2 months, it calculated that general retailers were now trading on a premium to the market. It argued that the shares were now discounting a recovery going past 2008. The broker said that it regarded recent strength as a profit taking opportunity as its saw gross margins suffering from currencies, commodities and competition. JP Morgan's "key underweights" were: Kingfisher (down 4p to 235p); Next (down 27p to 1,528p); DSG (unchanged at 163.75p); and Kesa (up 0.25p to 259.25p).