stockwatch

Thursday 24th September 1998 00:00

As the prospect of a cut in interest rates continued to recede last week, shares tumbled further, spreading gloom across the pubs, restaurants and hotels sector.

It was a difficult week for brewers, with Bass the biggest loser. News of falling sales of beer sent shares down 18% to 685p.

Whitbread, which has spent heavily on its pubs in the past few years, fell 14.5% to 695p and Scottish and Newcastle fell 12.7% to 686p.

Pub groupJD Wetherspoon's foray into running small hotels also failed to boost shares, which slumped 9.9% on last week's 177.5p to 160p.

Meanwhile Hanover International dipped 0.5%, despite revealing pre-tax profits of £1.34m in its half year results.

And City Centre Restaurants, which last week saw its shares drop 12.5% to 84p, fell a further 1.8%.

TABLE: share price (pence)

Value at Value at % change

19/9/98 12/9/98

Alpha Airports 53 53 0.00

Bass 685 835 -17.96

Break for the Border 52 52 0.00

City Centre Restaurants 82.5 84 -1.79

Cliveden 94.5 93.5 +1.07

Compass 543 575 -5.57

Friendly Hotels 112.5 125 -10.00

Granada Group 701 789 -11.15

Greenalls Group 321 357 -10.08

Groupe Chez Gérard 222.5 224 -0.67

Hanover International 97.5 98 _0.51

Jarvis Hotels 111 114.5 -3.06

Jurys Hotel Group (IR£) 470 450 +4.17

Ladbroke Group 218.5 224.25 -2.56

Macdonald Hotels 149.5 160 -6.56

Millennium Copthorne 363 373.5 -2.68

Oriental Restaurants 252.5 252.5 0.00

PizzaExpress 607.5 641 -5.23

Queens Moat Houses 21 22.5 -6.67

Harry Ramsden's 215 212.5 +1.18

Rank Group 241 251 -3.98

Regal Hotel Group 31 31.5 -1.59

Ryan Hotels (IR£) 61 62 -1.61

Scottish & Newcastle 686 785.5 -12.67

Slug & Lettuce 186 207.5 -10.36

Stakis 87.5 93.5 -6.42

Thistle Hotels 146 152.5 -4.26

Vaux Group 246 267.5 -7.85

JD Wetherspoon 160 177.5 -9.86

Whitbread 695 813 -14.51

FTSELeisure &Hotels 2657.45 2820.71 -5.79

FTSE All Share 2354.83 2383.63 -1.21

Source: CSFB (Europe)


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