JD Sports slumps after Pentland stake sale

JD Sports was under the cosh on Wednesday following reports that its largest shareholder, Pentland Group, had sold off a stake in the sportswear retailer.

Pentland was said to have sold around 24 million shares in a placing, at 740p each.

At 1320 GMT, JD shares were down 10% at 724.80p.

CMC Markets analyst Michael Hewson said: "Despite the sale Pentland still remains a majority shareholder in the business owning 55% of the share capital, and the shares are still up over 100% year to date, which doesn’t seem too bad a return."