After their recent surge, shares in London sold off a little in early trading today. Click here for The Trader Nicole Elliott's latest thoughts on the markets.
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Despite confirming that it has bought close to 8.7m shares (around 8.3 per cent) in Footasylum (FOOT), JD Sports (JD.) insists it is not preparing to make a bid for its struggling rival. It has acquired the stake “for investment purposes” and is “prepared to acquire an aggregate interest of 29.9 per cent” if necessary. Footasylum chief executive Claire Nesbitt’s father David Makin helped found JD Sports, while its current chairman Barry Brown served as chief executive of JD Sports between 2000 and 2014. Footasylum has issued several profit warnings over the last year - the most recent being January - as prolonged discounting weighs on margins. We remain buyers of JD Sports and sellers of Footasylum.