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23 Aug 2020 | 23:45

Sector movers: Travel and Leisure boosted by M&A rumours around InterContinental hotels

(Sharecast News) - Mergers and acquisitions news-flow continued to drive sector movements at the sector level, this time in the travel and leisure space. Shares of InterContinental Hotels were boosted by a report in Le Figaro that France's Accor is eyeing a merger with the London-listed hotel chain.

Smith&Nephew meanwhile was the top faller on the top flight index, dragging its sector gauge to the bottom of the pile.

Analysts at JP Morgan reiterated their 'neutral' recommendation on shares of Smith&Nephew ahead of the firm's virtual event scheduled for 8 September.

JP Morgan expected management to reiterate its goal of becoming a portfolio medical device company "growing at or above market growth rates".

However, JP Morgan cautioned as regards the uncertainty around any such targets.

"Further we are unsure how much certainty management can offer on future plans given the presentation is likely to occur in the midst of a recovery in most of their end-markets (with uncertainty to how end markets will settle out)."

Top performing sectors so far today

Travel & Leisure 6,504.40 +3.11%

Technology Hardware & Equipment 2,275.46 +1.41%

Equity Investment Instruments 11,066.58 +0.98%

Construction & Materials 6,486.82 +0.95%

Real Estate Investment Trusts 2,583.36 +0.95%

Bottom performing sectors so far today

Health Care Equipment & Services 6,352.97 -1.73%

Industrial Transportation 1,960.46 -1.55%

Fixed Line Telecommunications 1,260.77 -1.04%

Pharmaceuticals & Biotechnology 17,726.43 -1.03%

Oil & Gas Producers 4,193.81 -0.89%

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