FTSE 100 movers: JD Sports gains; Melrose in the red
London’s FTSE 100 was up 0.8% at 7,070.24 in afternoon trade on Tuesday.
JD Sports Fashion was on the rise after the retailer said it was recommending a 5 for 1 share split. The company said its share price had risen to a point where it is appropriate to recommend a sub-division of existing ordinary shares of 0.25p each into five new ordinary shares of 0.05p each.
The sub-division will result in shareholders holding five new ordinary shares for each existing one they held immediately prior.
"The board believes that the proposed sub-division would reduce the company's share price to a level where smaller sized dealings in the shares would be more efficient and may improve the liquidity and marketability of the company's shares," it said.
Sainsbury’s was in the black for the second day running amid speculation it could be the next takeover target in the supermarket sector after Morrisons.
On the downside, aerospace and motoring engineer Melrose Industries fell after saying it expected the global shortage of semi-conductors to hit its automotive division following a rise in customer cancellations in the first quarter.
FTSE 100 - Risers
JD Sports Fashion (JD.) 1,066.00p 3.04%
Sainsbury (J) (SBRY) 302.30p 2.79%
Ocado Group (OCDO) 1,701.00p 2.75%
Glencore (GLEN) 363.35p 2.35%
Lloyds Banking Group (LLOY) 45.82p 2.29%
Barclays (BARC) 191.20p 2.09%
Standard Chartered (STAN) 437.60p 2.08%
Sage Group (SGE) 712.00p 2.03%
Intermediate Capital Group (ICP) 2,040.00p 2.03%
Rightmove (RMV) 682.40p 2.00%
FTSE 100 - Fallers
Hikma Pharmaceuticals (HIK) 2,339.00p -1.89%
Melrose Industries (MRO) 167.95p -1.73%
Reckitt Benckiser Group (RKT) 5,573.00p -1.47%
CRH (CDI) (CRH) 3,363.00p -1.38%
International Consolidated Airlines Group SA (CDI) (IAG) 185.34p -1.36%
Rio Tinto (RIO) 4,763.50p -1.02%
Persimmon (PSN) 2,574.00p -0.62%
Smith (DS) (SMDS) 400.80p -0.50%
Berkeley Group Holdings (The) (BKG) 4,252.00p -0.44%
ITV (ITV) 107.00p -0.42%