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FTSE 100 loses steam as Sports Direct hit by profit warning Sports Direct shares dive after profit warning
(about 3 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. (Afternoon): Strong US jobs figures bolstered the FTSE 100, but shares in Sports Direct dived after it said its 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. The FTSE 100 was up 12.87 points at 5,966.95 in mid-afternoon trade.
Shortly before midday the index was down 0.77 points at 5,953.31. The index was lifted by the latest US jobs figures, which showed 292,000 jobs were created last month, beating expectations.
Sports Direct shares fell 3.9% to 492p after it warned on profits. However, shares in Sports Direct dived nearly 15% to 436.80p 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".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.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.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". Shares in Tesco were having a better day, rising 5.5% to 146.80p 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. On the currency markets, the pound rose by one-fifth of a cent against the euro to €1.3395, but was down half a cent against the dollar at $1.4569.