Home > UK share prices watch: Sports Direct tumbles

UK share prices watch: Sports Direct tumbles

Mid-cap retailer Sports Direct (LON:SPD) has been among today’s UK share prices to watch, falling deep into the red as it warned that it would delay the publishing of its preliminary results. Tomorrow meanwhile is set to provide some excitement on the FTSE 100 front, with luxury goods retailer Burberry (LON:BRBY) scheduled to post its first-quarter results.

Sports Direct tumbles on Monday

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Sports Direct is in the doldrums this Monday after announcing this morning that the publication of its preliminary results  for the period ended April 28 will be delayed beyond July 18, and the results are now expected to be out between July 26 and August 23. The mid-cap company cited “the complexities of the integration into the Company of the House of Fraser business, and the current uncertainty as to the future trading performance of this business, together with the increased regulatory scrutiny of auditors and audits”. The sports retailer’s shares are changing hands more than seven percent in the red in early afternoon trade, as compared with about a 0.2-percent gain in the mid-cap FTSE 250 index.

Travis Perkins (LON:TPK) has also been among today’s UK share prices to watch after a report in The Times suggested that the company was accelerating plans to sell its Wickes division after replacing the chief executive of the struggling DIY chain. Travis Perkins is reportedly separating the division’s IT systems from those used by the rest of the group to prepare it for a demerger in the middle of next year. Travis Perkin’s shares are up by 0.2 percent in early afternoon trade, having jumped by 2.5 percent earlier in the session.

In FTSE 100 stocks to watch, Antofagasta (LON:ANTO) is rallying after a World Bank tribunal ordered Pakistan to pay damages of $5.8 billion to Tethyan Copper, a JV between the company and Barrick Gold. Antofagasta’s shares have added just under five percent to their value so far today, as compared with about 0.2-percent gain in the Footsie.

Micro Focus (LON:MCRO) meanwhile has tumbled to the bottom of the blue-chip leaderboard after its chairman sold shares in the stock worth nearly £12 million.

“Following the publication of our interims, I have taken the opportunity to sell some of my shares in the company,” chairman Kevin Loosemore commented, as quoted by Proactive Investors, adding that until now, all of his assets “have been held in Micro Focus shares. Having recently turned 60, it is time for me to diversify a little, although around half my personal wealth remains in the stock”. Micro Focus’ shares are down by nearly five percent intraday.

Broader market sentiment meanwhile has been cautiously optimistic at the start of the week, with investors digesting mixed economic data out of China.

“Bad news = good news. Relatively lacklustre growth in China has the market baying for more stimulus,” Markets.com analyst Neil Wilson wrote, as quoted by Reuters, adding that there were some ‘signs of encouragement’ in the country’s industrial output and retail sales data which surpassed analyst forecasts.

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UK share prices to watch tomorrow

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Burberry will be among tomorrow’s UK share prices to watch, with investors eyeing the company’s first-quarter update which will follow the retailer’s lacklustre results in May.

“Fashion group Burberry has been through some tough times in recent years mainly due to a slowdown in sales growth in its key Asian market,” said The Share Centre, as quoted by Proactive Investors. “The management’s forecast for the current year did not impress the market when it was made in March so investors will be hoping for some rather more positive comments alongside the Q1 numbers.”

Investors will also eye updates on new creative director Riccardo Tisci’s collections after the retailer said in its full-year results statement that his first collections had “arrived in stores at the end of February and the initial reaction from customers is very encouraging”.

Experian (LON:EXPN) is also reporting tomorrow and Proactive Investors reports that Credit Suisse expects the company to report a seven-percent rise in organic revenue for the first quarter.

“We believe [this slowdown] creates a challenging environment for further re-rating,” the analysts elaborated, adding, however, that the longer-term outlook remained positive, with strong underlying markets and a “raft of new market opportunities” supporting growth.

Other UK share prices to watch tomorrow include Rio Tinto (LON:RIO) and Hays (LON:HAS) which are also scheduled to update investors on their performance.

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