Shares in both Sports Direct and JJB Sports were down on the FTSE despite news yesterday that the Serious Fraud Office will not be bringing charges against them following an investigation.

The SFO said that the companies were suspected of offences under the Fraud Act and the Enterprise Act. The Office of Fair Trading originally referred concerns about alleged anti-competitive conduct in the sports goods retail sector to the SFO.

At the beginning of 2009 it was alleged by a former manager at JJB Sports that the two companies were engaged in price fixing.

The SFO made it clear that while it would not bring charges against either JJB Sports or Sports Direct, it was still conducting investigations into individuals.

By 09:35 shares in JJB Sports were down 4.76 per cent on the FTSE All Share to 10.00 pence per share, while on the FTSE 250 shares in Sports Direct were down 1.69 per cent to 145.00 pence per share.