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Baugur ups its Debs stake

Stock across the fashion retail sector suffered this week, despite measures to stem the turmoil in the US financial markets.

In the department store sector, Baugur has increased its stake in struggling department store business Debenhams to 11%, up from 8%. The retailer's shares were down 2.75p to 120.25p.

Earlier this week, analyst Pali International forecast a Debenhams share price of between 100p and 135p going forward, depen-ding on final dividend and autumn trading.

Supermarkets had the worst drops this week. The latest turn in the ongoing bid saga at Sainsbury's saw a meeting with suitor Delta Two postponed, casting more doubts over the bid. The share price was down 30p to 515p.

In the sports sector, Blacks Leisure finished down 10p to 315p ahead of its pre-close statement, due as Drapers went to press.

Analyst Seymour Pierce said Jacques Vert was undervalued and was "in better health than it has been over the past decade", and set a price target of 31p. Shares dropped 1.75p to 20p.

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