A low-volume trading week for shares highlights what analysts term the “end-of-summer blues”.
In spite of last week’s good financial results, the Savoy Hotel saw its A shares slump by 6.93% – perhaps reflecting City disappointment at the time it is taking Granada to decide to sell its 70% stake.
London hotel chain Thistle saw its share value surge by 10.33% on the back of Granada’s hints of good trading conditions in London.
City expectations of a reasonable end-of-year trading statement from Compass (up 9.8%) allowed the contract caterer to recover from the previous week’s bad run.
The other big percentage mover was Groupe Chez Gérard, up by 9.25%
The prospect of City presentations this week boosted values at Bass (up 2.9%) and Granada (up 3.41%). But the anticipation of results this week has done little for share prices at PizzaExpress (down 0.14%) and Ryan Hotels (static).