FTSE 250 movers: Sports Direct rallies while Indivior sinks

The FTSE 250 was in the red on Friday afternoon, as investors booked profits following a four-day rally.

Retailer Sports Direct was leading the risers, after it announced that Mike Ashley, its founder and majority shareholder, was appointed chief executive on Friday.

Ashley, who was previously executive deputy chairman and took no salary, will replace Dave Forsey, who resigned on Thursday amid scandal at the retailer for its workplace practices at its Derbyshire warehouse and poor corporate governance.

The retailer has been criticised by investors and unions for its labour conditions and a committee on MP’s compared Sports Direct to a Victorian workhouse.

Ashley said on the departure of Forsey: "I feel like I have lost my right arm, but I do hope to have the opportunity to work with Dave again in the future."

Housebuilders were rallying after two brokers admitted their gloomy post-Brexit picture for the sector wasn’t quite playing out.

Both Credit Suisse and Liberum warned of armageddon after the vote on 23 June, but on Friday revealed that their previous forecasts weren’t quite looking correct.

It led to big rises for Bellway, Redrow, Bovis and St Modwen Properties.

At the bottom of the pile was Indivior, which fell after it updated the market on the Federal Trade Commission investigation and class action litigation being filed against it on Friday.

On 29 July, the company indicated that the FTC was seeking court action over the drug Suboxone, having investigated whether Indivior and its predecessor, Reckitt Benckiser US, had filed a citizen petition with the Food and Drug Administration and negotiated with competing manufacturers to maintain its monopoly.

It now faced a much larger opponent, with 35 US states and the District of Columbia filing a civil complaint alleging violations of state and federal antitrust and consumer protection laws on Thursday.

FTSE 250 - Risers

Sports Direct International (SPD) 301.20p 4.98%
Softcat (SCT) 320.00p 3.23%
Bellway (BWY) 2,395.00p 3.19%
Barr (A.G.) (BAG) 523.50p 3.15%
Redrow (RDW) 408.80p 2.33%
Entertainment One Limited (ETO) 216.10p 2.32%
St. Modwen Properties (SMP) 301.10p 2.07%
Bovis Homes Group (BVS) 875.00p 1.98%
P2P Global Investments (P2P) 845.00p 1.81%
NMC Health (NMC) 1,392.00p 1.68%

FTSE 250 - Fallers

Indivior (INDV) 312.20p -4.29%
Evraz (EVR) 155.90p -3.59%
AO World (AO.) 161.50p -3.35%
Ted Baker (TED) 2,514.00p -3.31%
Drax Group (DRX) 304.30p -2.72%
IP Group (IPO) 178.50p -2.62%
Laird (LRD) 321.30p -1.92%
Virgin Money Holdings (UK) (VM.) 299.70p -1.87%
Homeserve (HSV) 561.50p -1.75%
Smurfit Kappa Group (SKG) 1,804.00p -1.74%