FTSE 100 Gains as Retailers, Miners, Oil Stocks -2-

0741 GMT - JD Sports Fashion's tone in its latest trading update is cautious, but its higher-than-market-expectations pretax profit forecast for the full year shows the company has ridden the effects of store closures well, Shore Capital says. The sport-goods retailer continues to make progress across both online and offline channels, Shore says. JD Sports is an overall well-managed company with good cash generation and tight stock and cost control, the U.K. brokerage adds. "[Thursday's] short statement should reassure investors that the group remains on track to deliver a year of good growth in revenues and earnings," Shore says. Shares are up 2.8% at 945.00 pence. ([e-mail]; @sabelaojeaguix)

JD Sports Fashion Gains After Trading Update Tops Hopes

0755 GMT - Shares in JD Sports Fashion rise 3% after the U.K. clothing retailer said it expects to report higher full-year pretax profit. The trading statement was better than expected, with recent trading staying strong and full-year guidance upgraded, RBC Capital Markets says. "JD now expects pretax profit for the year to January 2022 to be at least GBP550 million compared to previous guidance of GBP475-500m," RBC analyst Richard Chamberlain says. "This is ahead of our estimate of GBP539m and we estimate at least 5% above consensus. We think JD Sports should continue to strengthen its position as a preferred partner of major sportswear brands like Nike and adidas, given its strong retailing skills and premium positioning." ([e-mail])

Aveva's Five-Year Revenue Target Looks in Line With Views

0757 GMT - Engineering and industrial-software company Aveva's financial target to fiscal 2026 of a compound annual revenue growth rate of around 10% is broadly in line with market expectations, Jefferies says. Although the U.S. bank expected Aveva to reach 35% adjusted EBIT margin in two to three years, the five-year target is likely closer to investor expectations, it says. Furthermore, the company's 10% revenue growth in the first two months of fiscal 2022 puts it back on track to meet estimates of around 10% revenue growth for the year, the bank says. Jefferies has a buy rating on the stock and a 4,500-pence target price. Shares are up 3.3% at 3,829 pence. ([e-mail])

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