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
8,089.54
11:55 24/04/24
n/a
n/a
FTSE 350
4,445.69
11:55 24/04/24
n/a
n/a
FTSE All-Share
4,399.61
11:55 24/04/24
n/a
n/a
General Retailers
3,919.02
11:54 24/04/24
0.18%
7.01
JD Sports Fashion
120.75p
11:49 24/04/24
-1.75%
-2.15p
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."