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Share Monitor - UK retailers hit by global instability

Fashion retail stock was down almost across the board after the instability in global markets this week, although not as much as in other sectors.

Marks & Spencer was one of the biggest losers however, down 21.5p at 615.5p, while stock at home shopping business N Brown also fell, by 32.5p to 291.75p.

The news that Sports Direct boss Mike Ashley gave £5 million worth of bonuses each to two directors raised a few eyebrows in the City considering the performance of the stock. The cash, apparently for services before the float, went to chief executive Dave Forsey and finance director Bob Mellors. However, some investors are reportedly calling for Mellors to be axed.

Earlier this week, analyst Seymour Pierce said that the fall in the share price at John David Group, which owns sportswear retailer JD Sports, was overdone since it reported a healthy rise in like-for-like sales last month, and recommended investing in shares. However, by midweek shares were still under the 400p mark, down 3p to 397.5p.

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