China's Topsports rises on strong sales growth report

Topsports International Holdings

27/06/2023 08:01

** Shares of Chinese sports shoes and apparel products
retailer Topsports International Holdings Ltd  6110.HK  rise as
much as 4.9% to HK$7.06
    ** Stock on track for the biggest one-day pct rise since
June 15, if gains hold
    ** Shanghai-based retailer says its total sales of retail
and wholesale operations recorded a low-twenties increase on a
year-on-year basis for fiscal first quarter from March to May
period  urn:newsml:reuters.com:*:nFWN38G0AC
    ** Says gross selling area of directly-operated stores
declined by 6.5% on a year-on-year basis 
    ** Daiwa reiterates "buy" rating on the stock and lifts TP
to HK$7.8 from HK$7.50 to factor in the better-than-expected
recovery trend so far this year 
    ** The Hang Seng Commerce & Industry Index  .HSNC  surges
2.1% and the Hang Seng Consumption Index  .HSCGSI  rises 1.4%
    ** The Hang Seng Composite Index  .HSCI  and the Hang Seng
Index  .HSI  both add 2% 
    ** As of last close, the stock had gained 8.7% this year

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))