stockwatch
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)