Asos shares hit 17-year low after downgrade

Asos, the online fashion retailer, has seen its stock price drop to a 17-year low. This follows a downgrade by analyst Mia Strauss from Exane BNP Paribas. Strauss revised her rating for the company from "neutral" to "underperform." As a result, shares fell by 4%, or 10p, bringing the price down to 240p. The analyst also lowered her target price for Asos stock by 20% to 200p. This decline marks a significant blow for the retailer, with shares down nearly 45% in 2025 alone. In contrast, other UK markets were stable. The FTSE 100 rose by 0.6%, and the FTSE 250 increased by 0.2%. Oil prices also saw an increase, with Brent crude climbing more than 1% to $72 a barrel, amid ongoing tensions in Yemen. In other news, insurer Phoenix Group reported better-than-expected profits, causing its shares to rise by 10.7%. This highlights a mixed picture in the market as Asos struggles to regain its footing.