Oasis shares plunge on warning

Shares in Oasis Stores plunged by 73p to a year's low of 267.5p after the fashion retail chain warned that first-half profits would be materially lower than those achieved in the comparable period last year.

In a statement, the company said that sales growth since the year end had been below its "fairly demanding" expectations. In addition, the company said it experienced some pressure on gross profit margins due to a higher level of markdowns than planned.