The high street ath-leisure wear retailer may have published record interim results this morning but the market is showing little love for the news. However this looks to be a case of profit taking given shares are trading around 30% higher over the last three months and it seems as if there could still be more in the tank here. Shortly after the open the JD Sports share price was almost 5% lower although by 8.45am this had recovered towards a 3% sell-off.
The re-commerce specialist musicMagpie who have built a name in the reconditioning and resale of mobile phones saw its share price surge in early trade after AO World confirmed that it had agreed terms to buy the company. The deal – which already has the support of almost half the shareholders – is based on a cash offer of 9.07p per share. That’s a 58% premium to last night’s closing price and enables AO World to accelerate its sustainability objectives. The two companies are seen as being highly complementary. musicMagpie Shares are trading 39% higher in early trade.
Eastern Europe’s largest low cost airline published traffic stats for September this morning, Passenger numbers are up 3.9%, but that’s behind the capacity growth of 4.8% so load factors are down as a result. The newer, more fuel efficient planes also remain impacted by groundings owing to engine issues, whilst the airline is also increasingly bridging into the Middle East via its hub in Abu Dhabi, increasing its exposure to disruption in the region. This has all combined to push the stock towards the foot of the FTSE-250 and an hour into the day, the Wizz Air share price is down by almost 2%.
Headlines we expect on Thursday
Tesco Interim Results
This time last year Group sales £30.7bn, Operating profit £1.48bn, Dividend 3.85p
