Nike shares spike on Instagram plans

Nike shares rallied the most in almost two years yesterday after the athletics brand delivered a rosy forecast and announced plans to forge a closer relationship with shoppers, a move that will let Amazon and Instagram users buy its runners directly.

The company expects sales to increase by a mid- to high-single-digit percentage this year. The prospect of faster growth helped send shares of Nike up 8.8% at one stage, after publishing its earnings late on Thursday.

The upbeat forecast follows a slowdown at Nike, especially in the key north American market, that had raised concerns the sporting-goods giant was losing its edge.