Shares in JD Sports soared after the ‘King of Trainers’ unveiled significant global expansion plans.
JD said it would spend nearly £3billion opening as many as 1,750 stores over the next five years.
Boss Regis Schultz, who took over in September, hailed ‘a new chapter’ of growth and voiced his ambition to tap into markets where it is not yet as competitive. Much of the investment will be in the US and across Europe.
JD wants to generate £1billion of cash every year through its operating activities. Shares soared 11.2 per cent, or 18.2p, to 181.5p.
The London stock market pressed higher amid hopes that interest rate rises could soon end.
Expansion plans: JD Sports said it would spend nearly £3bn opening as many as 1,750 stores over the next five years
The FTSE 100 rose 0.76 per cent, or 59.05 points, to 7820.16 and the FTSE 250 was up 3.6 per cent, or 716.15 points, to 20614.69.
The rally brought the blue-chip index nearer its record of 7877. Meanwhile the second tier clocked up its best performance since August. Builders made gains on hopes that borrowing costs may now be at, or close to, a peak.
Persimmon rose 8.6 per cent, or 125.6p, to 1531p while Taylor Wimpey added 6.7 per cent, or 7.9p, to 126.5p and Barratt was up 4.4 per cent, or 20.4p, to 484.1p.
The rally also lifted consumer stocks, with Asos jumping 10.2 per cent, or 90.5p, to 982p. Currys was up 12 per cent, or 8.4p, to 78.2p and shopping centre owner Hammerson up 9.7 per cent, or 2.58p, to 29.21p.
Wizz Air shares took off after the airliner carried more than 4m passengers last month, 73.1 per cent higher than a year earlier. It soared 8.4 per cent, or 223p, to 2875p.
And Bunzl, which supplies products such as paper napkins and latex gloves to the private and public sectors, renewed a contract with US retail giant Walmart. It rose 2.9 per cent, or 86p, to 3066p.
GSK inched up 0.6 per cent, or 7.8p, to 1427.4p as US regulators approved its tablet for adults on dialysis who are living with anaemia due to chronic kidney disease.
Stock Watch – Xpediator
Xpediator rose 4 per cent, or 1.5p, to 39.5p after the freight manager reassured investors over a possible takeover.
A 42p-a-share offer was tabled in December by a consortium that includes the investment vehicle Cogels, led by its ex-boss Stephen Blyth.
It said it was likely to accept a formal offer if it comes by February 14.
It expects revenue for 2022 to have come in close to £400million compared to £297million in 2021.
Annual profit is expected to beat the previous forecast of £9million.
Pearson added 2.6 per cent, or 23.8p, to 935.4p after it agreed a deal to run English tests for immigrants moving to Canada.
Investors in Essentra cheered after the components business unveiled plans to return £150million to shareholders – a special dividend of £90million alongside a share buyback of around £60million following the sale of the company’s filters and packaging divisions. Shares gained 8.7 per cent, or 19p, to 238p.
NCC Group plunged 4.5 per cent, or 8.2p, to 176.2p after the cyber security specialist warned of lower revenue growth this year.
Revenue rose 10.2 per cent to £176.6million in the six months to November. But it is forecasting single-digit revenue growth for 2023.
NCC also said it wanted to reduce its workforce by 7 per cent. The group, which employs around 2,500 people, said most of job cuts would be made in the UK and North America.
Miner Anglo American made progress in ramping up output at a mine in Peru which produced more than 80,000 tons of copper in the three months to December.
Copper production jumped 52 per cent to 244,300 tons during the period. It also increased its production of rough diamonds, steelmaking coal and iron ore. The shares were flat at 3387p.
Meanwhile Cranswick cashed in on families spending more on Christmas food.
The meat producer reported a strong trading for the 13 weeks to December 24. Shares rose 4.2 per cent, or 132p, to 3272p.
Engineer Renishaw gained 6.7 per cent, or 260p, to 4132p after record half-year revenues. Revenue rose 7 per cent to £347.7million in the six months to December.
Profit slid 5 per cent to £77.8million. It forecast revenue at the end of its financial year to be between £690million and £730million alongside a profit in the range of £140million and £165million.
Read more at DailyMail.co.uk