Frasers Group founder Mike Ashley
(Picture: PA Archive)Frasers Group, owner of retail brands including Sports Direct, House of Fraser and Flannels, has cheered investors with the announcement of its third share buyback programme in a year.
Shares were up 12p at 646p following the latest £70 million repurchase programme, which started today and ends on April 24, the day before its financial year end.
The Mike Ashley-led company, also owner of Evans Cycles, announced a £70 million buyback in October, on the back of a previous £60 million buyback in May last year.
Frasers said the decision was made “to reduce share capital”. The move made it one of today’s FTSE 250 biggest gainers.
Shares in DNA sequencing specialist Oxford Nanopore Technologies were down 10p at 388p after it agreed a £50 million no-liability settlement agreement with the Department of Health and Social Care. The dispute related to payment due for a contract to supply Covid-19 devices and testing kits.
Estate agency Foxtons saw its shares go up 0.4p at 43.40p following the departure of its chief operating officer Patrick Franco. The role will be taken on by chief executive Nic Budden.
Outsourcing company Mitie, which is being investigated by the Competition and Markets Authority over its relationship with the US firm PAE, ended the week on some better news. Its proposed £2.1 million acquisition of a specialist telecoms tower design company P2ML sent its shares up 0.6p at 55.7p.
The FTSE 100 was up 25.68 points at 7,541.36, with housebuilders Taylor Wimpey and Persimmon leading gains.
