Boost to hotel company share prices on news of possible Covid vaccine

Hotel companies were among a plethora of businesses worldwide which celebrated the news of a breakthrough in a vaccine for Covid-19 with a boost to today’s share prices.

At the close of business on the London Stock Exchange on Monday afternoon, Whitbread, operator of the Premier Inn budget brand, reported a 15.55% leap in its share price to 2,690p. The price had slumped to a low of 1,808.45p per share at the start of the pandemic on 19 March, having fallen from 4,065.37p per share just a month earlier.

Other companies which benefitted from the news that pharmaceutical company Pfizer had claimed 90% effectiveness in trails for a coronavirus vaccine were InterContinental Hotels Group (IHG) and PPHE, operator of the Park Plaza group of hotels.

IHG enjoyed a 11.96% increase in its share price to 4,681p per share, compared to 2,385.50p and 5,121p on 19 March and 20 February respectively.

Meanwhile, PPHE saw a 12.38% to its share price to 1,135p per share. The price had dropped to 805p on 18 March from 2,140p per share on 20 February.