blog:Gildan shares rise

Canadian t-shirt manufacturer Gildan Activewear saw its shares reach a record high of CA$62.04 (￡28.58) on the Toronto Stock Exchange last week.

The firm said it has no announcement to make following stock increases, but investors are showing commitment to its products.

Laurence Sellyn, Gildan’s executive vice president, told the Montreal Gazette: “There isn’t any particular news, but investors seem to believe strongly in our long-term strategy to develop our retail brands for activewear, underwear and sports socks.”

Shares were also trading at $54.7 (￡28.85) on the New York Stock Exchange at the close of business on Friday.

Last month, Gildan was recognised by Start-IT magazine as one of its Technology and Business award winners for 2006 due to its implementation of technology solutions.

The firm’s automation of business processes, such as invoicing and ordering, was commended by a panel of industry analysts, who said the changes have increased Gildan’s efficiency and cost effectiveness.

In addition, according to CBC News, the t-shirt manufacturer is to take on rivals by extending its offering through a major retailer.

Analyst at Paradigm Capital Doug Cooper said the company is well positioned to compete.