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23 Aug, 2020 23:45 24 Aug, 2020 16:59

Sector movers: Travel and Leisure boosted by M&A rumours around InterContinental hotels

travel hotels kimpton intercontinental ihg
IHG

Mergers and acquisitions news-flow continued to drive sector movements at the sector level, this time in the travel and leisure space.

Shares of InterContinental Hotels were boosted by a report in Le Figaro that France’s Accor is eyeing a merger with the London-listed hotel chain.

Smith&Nephew meanwhile was the top faller on the top flight index, dragging its sector gauge to the bottom of the pile.

Analysts at JP Morgan reiterated their 'neutral' recommendation on shares of Smith&Nephew ahead of the firm's virtual event scheduled for 8 September.

JP Morgan expected management to reiterate its goal of becoming a portfolio medical device company "growing at or above market growth rates".

However, JP Morgan cautioned as regards the uncertainty around any such targets.

"Further we are unsure how much certainty management can offer on future plans given the presentation is likely to occur in the midst of a recovery in most of their end-markets (with uncertainty to how end markets will settle out)."

Top performing sectors so far today

Travel & Leisure 6,504.40 +3.11%

Technology Hardware & Equipment 2,275.46 +1.41%

Equity Investment Instruments 11,066.58 +0.98%

Construction & Materials 6,486.82 +0.95%

Real Estate Investment Trusts 2,583.36 +0.95%

Bottom performing sectors so far today

Health Care Equipment & Services 6,352.97 -1.73%

Industrial Transportation 1,960.46 -1.55%

Fixed Line Telecommunications 1,260.77 -1.04%

Pharmaceuticals & Biotechnology 17,726.43 -1.03%

Oil & Gas Producers 4,193.81 -0.89%

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Important Legal Notice about News Sources

 

Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.