Business

Sports Direct shares close down 9% as investors vent their anger

Sports Direct sale Image copyright Reuters

(Close): Sports Direct edged back from its worst falls to close 9% lower after independent shareholders rebelled against the management and founder.

Trade kicked off with a statement from the retailer saying profit would fall this year to £300m, leaving shares down 10% initially, after rising 5% on Tuesday.

Overall the FTSE 100 was up 20.53 at 6,846.58 points.

Barratt Developments was a key faller - down 3% despite strong profit growth.

Like its fellow builders recently, Barratt said it was "business as usual" following the EU referendum and posted a 21% rise in pre-tax profit in the year to 30 June.

Other builders also featured in the biggest five FTSE losers, with Berkeley down 3%, the biggest loser on the FTSE.

All have had a stunning run back up after their roughly 30% falls following the Brexit vote, so now the builders' results season is over investors may be taking a break from the party.

Shares in restaurant meal delivery service Just Eat were down 5.4% after online retailing behemoth Amazon said it would start delivering hot meals itself in London.

Comments by Bank of England Governor Mark Carney to a committee of MPs that he would cut interest rates further if need be hit the pound - even though he also said recession risks had receded, making such action less likely.

On the currency markets, the pound was down 0.82% against the dollar at $1.3310. Against the euro, it was down 0.63% at €1.1866.