FTSE 100 movers: Sports Direct shares dive

8th Apr 2014 14:41

Sporting goods retailer Sports Direct sunk sharply after it was reported that Founder Mike Ashley is selling 200m pounds-worth of shares, taking his stake from 62 per cent to 58 per cent. Goldman Sachs said it will place up to 24m shares acquired from MASH Holdings, Ashley's investment vehicle, with institutional investors. The stock is being placed at 850-870p a share, compared with last night's closing price of 893.5p.Both Insurance and Financial stocks moved lower, with the former growing cautious ahead of the earnings season and also after the industry called on its regulator, the Financial Conduct Authority, to conduct an inquiry into the recent publication of its plans to review part of the industry in a newspaper. Barclays was lower after reaching a settlement with a UK care operator over claims the bank mis-sold products linked to benchmark interest rates. Sector peer Lloyds Banking Group was also a notable faller. Sharp declines seen in Associated British Foods may be due to readacross from Suedzucker, a German sugar producer which today issued a profit warning. Supermarket rivals Sainsbury and WM Morrison were both off shopping lists today after Kantar revealed that the companies, which account for two of the 'Big Four' grocers in the UK, suffered further reductions in their market share in the 12 weeks to March 30th. Although market leader Tesco also saw its share fall, it shares bucked the trend, rising modestly by mid-afternoon. Meanwhile, Randgold Resources was also higher after Investec reiterated its 'buy' recommendation and despite a reduction to its target price from 4,657p to 4,603p. FTSE 100 - RisersUnilever (ULVR) 2,579.00p +1.66%Standard Chartered (STAN) 1,275.50p +1.63%SABMiller (SAB) 3,129.00p +1.18%British American Tobacco (BATS) 3,362.00p +1.01%Diageo (DGE) 1,869.00p +0.73%Fresnillo (FRES) 897.00p +0.67%Smiths Group (SMIN) 1,233.00p +0.65%Tullow Oil (TLW) 804.00p +0.50%Tesco (TSCO) 284.40p +0.39%Randgold Resources Ltd. (RRS) 4,693.00p +0.39%FTSE 100 - FallersSports Direct International (SPD) 805.00p -9.90%Ashtead Group (AHT) 883.00p -7.30%St James's Place (STJ) 771.00p -5.46%Resolution Ltd. (RSL) 276.10p -4.07%Associated British Foods (ABF) 2,647.00p -3.85%BT Group (BT.A) 360.60p -3.84%Lloyds Banking Group (LLOY) 72.55p -3.75%International Consolidated Airlines Group SA (CDI) (IAG) 414.00p -3.74%Burberry Group (BRBY) 1,355.00p -3.63%Hargreaves Lansdown (HL.) 1,316.00p -3.59%NR