London’s FTSE 100 was up 0.8% at 6,644.18 in afternoon trade on Tuesday.
Pershing Square was the top performer, closely followed by Standard Chartered.
Insurer Admiral was also in the black ahead of its full-year results on Thursday.
JD Sports retreated even as Barclays lifted its price target on the shares to 940p from 900p and said the company was well placed, with balance sheet strength giving optionality.
Barclays highlighted a number of fundamental catalysts that could drive the shares higher.
“First, following the equity raise, we estimate JD has circa £1.6bn of financial firepower (FY22E) from the combination of cash, bank facilities, and fresh equity. Assuming capital is allocated on acquisitions, this should drive significant EPS upside that is not captured in consensus forecasts.
“Second, prospects for FY22 upgrades look strong given the company’s guidance of c5-10% profit growth implies similar retention in revenue as the first lockdown, rather than the more positive trading from November.”
Flutter Entertainment was weaker after the gambling group reported a sharp fall in full-year profits but said it had started the new year with strong momentum and higher revenues.
FTSE 100 – Risers
Pershing Square Holdings Ltd NPV (PSH) 2,640.00p 5.18%
Standard Chartered (STAN) 489.40p 4.13%
Aveva Group (AVV) 3,546.00p 3.05%
Admiral Group (ADM) 3,216.00p 2.85%
St James’s Place (STJ) 1,236.00p 2.83%
Prudential (PRU) 1,495.00p 2.82%
Rio Tinto (RIO) 6,470.00p 2.65%
BHP Group (BHP) 2,372.50p 2.57%
Evraz (EVR) 607.60p 2.57%
CRH (CRH) 3,255.00p 2.52%
FTSE 100 – Fallers
JD Sports Fashion (JD.) 814.60p -2.70%
Flutter Entertainment (FLTR) 14,085.00p -1.88%
Barratt Developments (BDEV) 685.80p -1.75%
British Land Company (BLND) 492.50p -1.70%
Ashtead Group (AHT) 3,974.00p -1.10%
AstraZeneca (AZN) 6,920.00p -0.86%
Rolls-Royce Holdings (RR.) 110.55p -0.76%
Sainsbury (J) (SBRY) 222.50p -0.76%
Whitbread (WTB) 3,438.00p -0.72%
Next (NXT) 7,524.00p -0.61%
