Shares in sports retailers Sports Direct International and JJB Sports jumped on Friday following the initial decision by the Office of Fair Trading (OFT) to drop its investigation into the sector. The UK consumer and competition authority announced on Thursday that it has "provisionally decided to close its investigation [...] into alleged anti-competitive conduct in the sports goods retail sector." "We welcome the announcement by the OFT," said Sports Direct's chairman Keith Hellawell. "It is in line with Sports Direct's long held views on the investigation. It is also consistent with previous decisions taken by other regulatory bodies." Sports Direct's shares rose 4.6% to 215.40p at 13.35pm on Friday.Sector peer JJB Sports noted the decision yesterday and said that it is not in a position to comment on the reasons behind the provisional decision.JJB Sports' shares jumped 14.29% to 22p."The OFT will carefully consider any comments that it receives before reaching a final decision. We expect to reach a final decision later this year," the OFT said Thursday on its website. The lifting of the cloud over Sports Direct prompted broker Seymour Pierce to upgrade the stock to buy from hold, despite the company paying what the broker regards as "a full price" for the purchase of 32 freehold and long leasehold properties for £86.8m from major shareholder Mike Ashley, in a deal that was announced on Thursday."We are upgrading our recommendation from following the stock's recent decline of 20% since the beginning of July due to profit taking. We continue to believe there is more recognition internally with the company of the value of its brands that can be widely marketed overseas including Lonsdale, Slazenger, Dunlop and Everlast," Seymour Pierce analyst Freddie George said.BC