The M&C20 showed modest gains this week, finishing up some 16 points at 1,219, outperforming the wider market, which finished up six points at 1,065.

Spirit saw its shares gain 4.3% over the week, as the company reported its full year and fourth quarter results on Wednesday. The company said “both the managed estate and the leased estate have outperformed their respective markets.” Spirit impressed the market with modest like for like sales growth for Q4, a feat which several other operators failed to do due to tough comparable trading for the same period last year.

SSP saw a 3.6% rise in its shares this week as the company was admitted to the FTSE250. Its addition to the index will mean that index tracker funds will have had to buy its shares and likely causing this blip in its share price.  

Patisserie Valarie has seen its shares down 3.1% to 203p. The company listed on the stock exchange in May this year at 170p and the shares have been strong until this point. Such a recently listed stock is likely to see churn in its shareholder register, and shareholders who have seen the company rise may have been tempted to realise some of their profits.

Cineworld was another of the M&C20’s big fallers, seeing its shares down 2.3% after they went ex of a 1.16% dividend earlier in the week. 

The big cap pubcos saw modest growth as positive news regarding the UK economy and consumer strength filtered through the markets. The improving outlook for the consumer, with unemployment falling and the supermarkets slashing the cost of the weekly shop, is likely to play into the hands of many of the M&C20’s constituents and it wouldn’t be surprising to see the index outperform the wider market in the coming months.

The Market will be paying attention to Greene King and Wetherspoon next week as they update on current trading, as well as Whitbread, who despite not being a constituent of the M&C20, will likely have an impact on analyst’s perception of the wider industry.

Will Brumby is an equity specialist at Langton Capital, an FCA registered leisure research firm.