The top-share index trod water today as the market waits for events to unfold concerning the Greek debt renegotiations.
The FTSE 100 index rose eight points to 7,041, with sporting goods chain Sports Direct International (LON:SPD) leading the way, after it shot up as it said results will be ahead of market expectations.
The UK's leading sports retailer said underlying earnings for the year just ended totalled £380mln, in line with forecasts, while underlying pre-tax profits and earnings per share (EPS) were ahead of expectations.
Broker Liberum said it does not plan to move the goal posts in terms of its forecast of £300mln pre-tax profits and EPS of 37.6p, which it says is “comfortably ahead of the current consensus of £288mln and 36p”.
Sports Direct was at the top of the FTSE 100 table today, climbing 4.2% to 686p, while B&Q owner Kingfisher (LON:KGF) found itself close behind. Shares advanced 2.2% to 37p as the home improvement retailer’s like-for-like sales figures improved.
Former Footsie stalwart Tate & Lyle (LON:TATE) warned that profits are likely to be flat this year, as it reported an 80% drop in pre-tax profit for 2014. The mid-cap sweetener firm’s shares dropped 2.4% to 585p.
At the other end of the FTSE 250 hit parade was Paypoint (LON:PAY), which is proposing to sell its mobile and online businesses. Shares jumped 8.2% to 950p.
Among the small caps, NetScientific (LON:NSCI) was the market’s best performer, surging 54.4% to 191.5p. Its portfolio company, PDS Biotechnology Corp., has announced positive preliminary data showing that its lead cancer immunotherapy treatment, PDS0101, has generated strong T-cell responses in pre-cervical cancer.
Publisher and events manager Vitesse Media (LON:VIS) was wanted after it said full-year results are expected to show a sharp uplift on previous years’ performance. The shares climbed 19% to 3.125p.
Irish precious metals miner Connemara Mining (LON:CON) announced encouraging initial results from its prospecting programme at its Inishowen gold licences. Shares leapt 15.4% to 1.875p.
Conversely, Marimedia (LON:MARI), was the biggest faller today after the company said it has decided to run down its legacy display advertising business. Shares dived 40.4% to 70p.