The price of Sports Direct shares trading on the grey market fell below their official price range yesterday as the UK sports retailer moves towards an official stock market listing next week.

Shares in Sports Direct, which this morning denied it was about to make a bid for outdoor equipment retailer Blacks Leisure, moved as low as 248p in the grey market according to UK spread betting firm Cantor Index. At 248p the stock trades 2p below the bottom of the offer range of 250p to 310p.