Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. InterContinental Hotels Group sees significant improvement in trading
Hotel operator InterContinental Hotels Group [LON:IHG] has published its third quarter trading update this morning. The company notes a significant improvement in trading with revenue per available room up 66% on the 2020 figure although still 19% below the number posted in 2019. Strong domestic travel trends also helped drive occupancy rates above those seen in 2019 in some markets and the pace of the demand recovery is also noted. Most properties have now reopened and the company continues to expand its portfolio.
#2. Sainsbury halts discussions on sale of banking arm
There’s a short note out from Sainsbury [LON:SBRY] which almost a year ago, advised that there had been some expression of interest in acquiring its banking arm. However, having explored these fully, the company has now concluded that a disposal here wouldn’t be in the best interests of shareholders, leading to the termination of discussions.
#3. JD Sports acquires network of stores across Greece and Cyprus
And a note from JD Sports [LON:JD.] over the acquisition of a network of sports stores across Greece and Cyprus. The company has now acquired an 80% stake in Cosmos Sport for an undisclosed sum, but the continued geographic expansion should help with diversification. For the year ending December 2020, Cosmos generated revenues of approximately EUR52m – a number which was presumably depressed by pandemic closures.