FTSE 100 movers: JD Sports hit by Nike results; WPP also falls

London’s FTSE 100 was up 0.2% at 8,197.27 in afternoon trade on Friday.

JD Sports Fashion was the biggest faller after Nike plunged on Thursday as it cut its full-year guidance and said sales were set to fall 10% during the current quarter. It pointed to soft sales in China and "uneven" consumer trends.

WPP lost ground even as Citi reiterated its 'buy' rating on the advertising and media giant after the company rejected a KKR bid to take control of its corporate PR firm FGS Global.

According to reports on Thursday, KKR, which already owns 29% of FGS following a deal last April, wanted to take a majority stake in the firm but 55%-owner WPP didn't consider FGS as "for sale".

Citi said the development could reveal "considerable hidden value" at WPP as the big increases pressure on the company to "accelerate the pathway to shareholder value including a broader review of its holdings and owned/operated assets".

The bank said: "Fully dismantling the holding company would not likely be plan A for the management of WPP, in our view.

"This said, the magnitude of the gap between public market and private valuations of the PR business, in particular, suggests there is a potentially fairly significant opportunity for WPP to create value for shareholders without significantly undercutting the longer-term prospects for growth."

FTSE 100 - Risers

3i Group (III) 3,105.00p 3.53%
CRH (CDI) (CRH) 5,966.00p 2.51%
Intertek Group (ITRK) 4,854.00p 2.23%
easyJet (EZJ) 460.20p 1.61%
Rolls-Royce Holdings (RR.) 460.60p 1.30%
Beazley (BEZ) 707.50p 1.14%
Unite Group (UTG) 892.50p 1.08%
International Consolidated Airlines Group SA (CDI) (IAG) 162.55p 1.03%
Antofagasta (ANTO) 2,113.00p 0.96%
Airtel Africa (AAF) 119.70p 0.93%

FTSE 100 - Fallers

JD Sports Fashion (JD.) 120.50p -4.63%
WPP (WPP) 722.40p -2.51%
Lloyds Banking Group (LLOY) 54.78p -2.32%
Marks & Spencer Group (MKS) 287.90p -2.04%
Bunzl (BNZL) 3,010.00p -1.95%
Croda International (CRDA) 3,961.00p -1.47%
Smith (DS) (SMDS) 420.60p -1.31%
Haleon (HLN) 322.80p -1.25%
Burberry Group (BRBY) 888.60p -1.24%
B&M European Value Retail S.A. (DI) (BME) 439.70p -1.19%