JJB falls further amid sportswear worries
Friday 10 April 1998
Shares in rivals were also weak. Blacks Leisure lost 10p to 382.5p while John David Sports gave up a further 2.5p to 111.5p. Much of the volume in JJB stock appeared to be small investors, possibly reacting to a "sell" recommendation in an investment magazine. This prompted Simon Cawkwell, the bear raider known in the market as Evil Knievel, to close a large short position in the stock.
He said yesterday that he first started short-selling (selling stock he does not yet own and buying it back later at a lower price) when the JJB share price was around 750p in mid-March. Yesterday he bought back a line of stock at 560p which he had sold at 597p. "The market is clearly very nervous about margins in this industry but enough is enough," he said.
JJB reports full year results on 22 April with broker SBC Warburg expecting pounds 33.5m against pounds 20.7m the previous year. The company would not comment on its own trading ahead of its results. However it attributed the weakness in its share price to profit-taking due to investor nervousness about the retail sector after the Next profits warning.
Other factors, the company said, could include the statements allegedly made by Newcastle United directors that replica football shirts were over- priced and rumours that Sports Division, the sports superstore operator, might delay its flotation.
- 1 Nokia no more: Microsoft drops once-ubiquitous mobile name – in favour of its Lumia brand
- 2 Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
- 3 Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
- 4 Australian café owner sparks debate after saying 'No' to having unruly children on premises
- 5 Couple die within 28 hours of each other after being married for 73 years
Ottawa shooting: Canadian soldier dies after being shot at National War Memorial – with one gunman killed inside parliament
Renee Zellweger on plastic surgery reports: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
Isis releases first video showing the stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
Diwali 2014: What is the festival of lights and how is it celebrated?
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
London bus driver 'kicks gay couple off for kissing'
iJobs Money & Business
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...