FTSE 100 movers: Sports Direct slumps on Jefferies note; Coca-Colla rallies

London’s FTSE 100 index was down 0.5% to 5,940.99 at 1325 GMT, tracking broader weakness in the markets as investors booked some profits.

Sports Direct was under the cosh after Jefferies called on founder Mike Ashley to take the company private. The bank suggested Ashley use £400m of his own money and £1bn in loans to buy out investors holding the remaining 45% of the retailer.

Jefferies said: “Recent events highlight a widening gulf between Mike Ashley's long-term vision and growing governance concerns in the City. We believe the shares currently price in an over-pessimistic outlook, and Mr Ashley should consider taking SPD private given the group's free cash-flow generation and under-leveraged balance sheet.”

The bank slashed its price target on the stock to 550p from 800p but kept the rating at ‘buy’.

Coca-Cola HBC bucked the trend after it reported a rise in volumes in the year to the end of December and slightly better than expected earnings, despite adverse currency effect.

Volumes in the bottler's established markets grew for the first time in five years, with good performances in Italy and Greece, as well as in all developing markets, with the firm reporting particularly positive trends in Poland and Hungary.

Broadcaster ITV was also on the front foot after saying it has received ministerial approval for its acquisition of UTV Media’s television assets.

The company announced back in October that it had agreed to buy Northern Irish broadcaster UTV for £100m.

“ITV plc today announces that Ministerial approval has been received and all other conditions to completion have now been satisfied.”

Completion of the deal, which leaves UTV with just its radio and digital assets, is expected on 29 February.

FTSE 100 - Risers

Coca-Cola HBC AG (CDI) (CCH) 1,408.00p 2.47%
Randgold Resources Ltd. (RRS) 6,310.00p 1.77%
Fresnillo (FRES) 936.00p 1.68%
ITV (ITV) 253.10p 1.40%
Dixons Carphone (DC.) 451.60p 1.19%
Provident Financial (PFG) 3,204.00p 0.95%
GKN (GKN) 278.40p 0.83%
ARM Holdings (ARM) 939.50p 0.80%
Relx plc (REL) 1,218.00p 0.74%
Berkeley Group Holdings (The) (BKG) 3,392.00p 0.74%

FTSE 100 - Fallers

Royal Bank of Scotland Group (RBS) 245.30p -2.62%
Sports Direct International (SPD) 399.80p -2.46%
Rolls-Royce Holdings (RR.) 647.00p -2.12%
Schroders (SDR) 2,440.00p -2.09%
Tesco (TSCO) 183.30p -1.85%
Shire Plc (SHP) 3,783.00p -1.82%
Ashtead Group (AHT) 840.00p -1.81%
Old Mutual (OML) 171.50p -1.78%
Prudential (PRU) 1,225.00p -1.72%
Sainsbury (J) (SBRY) 259.20p -1.48%