Saks Share Value Jumps 44 Percent

Saks Holdings Inc. shares rose as much as 44 percent in their first day as investors raced to buy a piece of the Saks Fifth Avenue cachet and capitalize on the booming market for luxury goods.

Saks stock rose 9-1/2 to 34-1/2 in late trading of 10.58 million shares, making it the second-most active issue in U.S. markets. Saks sold a 26 percent stake, or 16 million shares, at $25 each to raise $400 million. Earlier, shares rose as high as 35-7/8.

“This is great. We knew it was going to go up but not like this. High-end retail is hot,” said Andrea Thomas, a retail analyst at the Lutheran Brotherhood Foundation, which bought 50,000 shares in the 129-year-old New York retailer.