8th May 2015 11:34
LONDON (Alliance News) - UK stocks have surged higher with the Conservative Party set to secure an outright majority in the General Election, and Sports Direct International PLC is amongst the best-performing stocks.
Sports Direct was recently criticised in a Channel 4 Dispatches documentary for its heavy use of zero-hours contracts, a hot topic among political parties in the run up to the general election.
Labour leader Ed Miliband, who has resigned in the wake of a worse-than-expected showing by the party in the election, pledged to stop the "epidemic" of zero-hours contracts in early April, but the Conservatives were more vague on their policy in this area.
RBC analyst Richard Chamberlain said in April that he believed the political risk to Sports Direct from the general election was overstated.
"Sports Direct is a heavy user of zero-hour contracts, however if it moves away from these we think the overall cost burden would be fairly immaterial," Chamberlain said.
Still, Sports Direct shares were up 4.5% at 653.34 pence midday Friday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Sports Direct