Market Report: Last-gasp England makes pub chains winners too

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Investors raised a glass to the pubs groups with pints set to keep flowing after England’s dramatic win over Wales yesterday.

Both teams are now tipped to progress to the knockout stages of the Euros, with a win for Northern Ireland yesterday evening the icing on the cake for the pubs operators, whose drinking holes are packed to the rafters during the big games.

Shares in Mitchells & Butlers rose 6.4p, or 2.5%, to 265.7p, Marston’s improved 2.09p to 141.39p, JD Wetherspoon climbed 15p to 709.5p, and Enterprise Inns jumped 3.75p to 93.25p.

All the pubs groups enjoyed a share spike in the final half-hour of trading yesterday following Daniel Sturridge’s last-gasp winning goal.

The pubs were not the only ones cheering the result. Shares in Sports Direct, which sells replica England football shirts, leapt 11p to 345p, while the bookies were rubbing their hands at the prospect of extended betting on England, helping William Hill up 6.7p at 279.2p.

The wider market was also higher today as the EU referendum campaigns were suspended following the tragic murder of MP Jo Cox.

London-listed stocks have come under intense selling pressure this week with odds of a possible Brexit being slashed after a string of polls showing increasing support to quit the EU. The FTSE 100 rose 66.71 points, or 1.1%, to 6017.19. Banking stocks, seen as market plays on a win for Remain, rose, with Lloyds surging 3.66p to 65.02p and Barclays 6.2p better off at 164.7p.

Gold finally lost its lustre, after glowing to a two-year high yesterday, as Brexit fears subsided. African producer Randgold was the worst blue-chip faller, down 210p, or 3%, at 6715p after a strong run.

Investors shacked up with online estate agent Purplebricks as shares leapt 10p to 150p after revealing plans yesterday to launch in Australia.

After quitting last week as chairman of white goods e-tailer AO World, Richard Rose today emerged as chairman of Dorcaster, a new shell which is to list on AIM and invest in “the consumer and leisure sectors”. 

He will be joined as a director by hospitality veteran Karen Jones, his former board colleague at Booker, best-known for being ex-chief executive of pubs group Spirit and now chairman of the Hawksmoor steak restaurants chain.

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Source Article from http://www.standard.co.uk/business/market-report-lastgasp-england-makes-pub-chains-winners-too-a3274556.html

June 17, 2016 |
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