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JD Wetherspoon gains momentum on strong results

15 September 2017 09:12

Investors raised a glass to budget-friendly pub chain JD Wetherspoon (JDW) after pre-tax profit before exceptional items rose to £102.8m in the 53 weeks to 30 July 2017, up from £80.6m in 2016.

A 4% increase in like-for-like sales supported the strong results as shares in JD Wetherspoon rallied 9.5% to £11.42.

The FTSE 100 was dragged 0.4% lower at 7,267 as weakness in the mining sector weighed on performance.

Glencore (GLEN) fell 1.9% to 346.4p, BHP Billiton (BLT) retreated 1.3% to £13.45 and Anglo American (AAL) was 0.9% lower.

Brent crude oil dipped 0.7% to $55 per barrel. Gold and copper were stable at $1,324 per ounce and $6,481 per tonne. FTSE 250 RISERS AND FALLERS

JD Sports Fashion (JD.) entered a joint venture agreement with South Korean footwear retailer Shoemarker, but this failed to spark the share price at 371.7p.

Speciality pharmaceutical firm Indivior (INDV) was down 1.2% to 299.2p after its US subsidiary filed patent lawsuits against Dr Reddy's, Actavis, Par, Alvogen, Teva, and Mylan. The lawsuits were for infringement of a US patent relating to their respective proposed generic versions of Indivior's Suboxone product.

SMALL CAP RISERS AND FALLERS

Online estate agent Purplebricks (PURP) gained 3.4% to 403.6p on its formal launch in the US. It will debut in Los Angeles before extending across the state of California and other targeted key states.

Shares in The Gym Group (GYM) accelerated 7.1% to 216.1p after acquiring 18 gyms from Lifestyle Fitness for £20.5m.

Middle Eastern-themed restaurant business Comptoir (COM) reported a 'steady' performance despite challenging conditions in the sector. Sales were up 36.1% to £13.1m and gross profit rose 36.4% to £9.5m in the first half of 2017. Investors were not convinced Comptoir was past its troubles as the stock was flat at 16.8p.

Story provided by StockMarketWire.com

Related Company: JDW

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