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.
FTSE 100
8,060.61
15:45 15/11/24
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FTSE 350
4,453.56
15:45 15/11/24
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FTSE All-Share
4,411.85
15:45 15/11/24
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General Retailers
4,597.92
15:44 15/11/24
-0.15%
-7.02
JD Sports Fashion
117.65p
15:45 15/11/24
0.56%
0.65p
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."