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

09 November 2020 by
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.

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