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FTSE 100 loses steam as Sports Direct hit by profit warning | |
(about 2 hours later) | |
(Noon): A recovery in UK shares failed to last, while shares in retailer Sports Direct fell after it said profits would be lower than expected. | |
After dropping 2% in the previous session amid a global sell-off triggered by worries over China, the FTSE 100 rose at first, but then lost momentum. | |
Shortly before midday the index was down 0.77 points at 5,953.31. | |
Sports Direct shares fell 3.9% to 492p after it warned on profits. | |
The retailer said that since its interim results on 10 December, it had "seen a deterioration of trading conditions on the High Street and a continuation of the unseasonal weather over the key Christmas period". | |
It added that it also expected similar trading conditions between now and the end of April. | |
As a result, it says it is "no longer confident" that it will meet its full-year underlying earnings target of £420m, and now expects earnings to be between £380m and £420m. | |
Shares in Tesco were having a better day, rising 4.5% to 145.40p after Barclays upgraded its rating on the stock to "overweight" from "equal weight". | |
On the currency markets, the pound rose by three-fifths of a cent against the euro to €1.3429, but was down one-fifth of a cent against the dollar at $1.4598. |