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FTSE 100 movers: JD Sports tumbles on cautious outlook; miners gain
(Sharecast News) - London's FTSE 100 was down 0.9% at 7,174.99 in afternoon trade on Thursday. JD Sports was under the cosh after the sportswear retailer posted a drop in interim profits and said it remained cautious about trading through the remainder of the second half, given widespread macroeconomic uncertainty and inflationary pressures.
Russ Mould, investment director at AJ Bell, said: "Life could get a lot tougher for JD Sports given the significant headwinds facing retailers. With interest rates set to keep going up for the foreseeable future and consumers starting to feel less confident about job security given the dark clouds over the economy, JD is going to need some highly desirable products on its shelves or its second-half results won't be a patch on the first-half.
"A reduction in consumer spending combined with the potential for more supply chain disruptions could add up to a nasty cocktail, and one that could give Régis Schultz serious challenges in his first months as the new chief executive."
Hargreaves Lansdown was also in the red as it traded without entitlement to the dividend.
Going the other way, miners Rio Tinto, Glencore and Anglo American were all up as metals prices rose.
FTSE 100 - Risers
Rio Tinto (RIO) 4,833.00p 2.39% Kingfisher (KGF) 241.70p 1.77% Glencore (GLEN) 493.60p 1.56% Associated British Foods (ABF) 1,343.00p 1.51% Coca-Cola HBC AG (CDI) (CCH) 1,929.00p 1.50% Anglo American (AAL) 2,853.00p 1.37% BP (BP.) 461.65p 1.34% Aveva Group (AVV) 3,135.00p 1.06% Tesco (TSCO) 228.10p 1.02% Admiral Group (ADM) 2,177.00p 0.83%
FTSE 100 - Fallers
JD Sports Fashion (JD.) 115.45p -6.78% Hargreaves Lansdown (HL.) 839.60p -5.83% Dechra Pharmaceuticals (DPH) 2,802.00p -4.89% SEGRO (SGRO) 811.80p -4.47% Melrose Industries (MRO) 103.20p -4.22% British Land Company (BLND) 381.90p -4.07% Land Securities Group (LAND) 576.20p -3.90% Intermediate Capital Group (ICP) 1,126.50p -3.84% Ashtead Group (AHT) 4,058.00p -3.68% Spirax-Sarco Engineering (SPX) 10,015.00p -3.33%
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