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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