Punch Taverns was the star performer in the M&C20 this week, with its share price rising 19% to 12.5p on the back of the company’s restructuring proposals announced on Monday. This is despite a subsequent announcement from a committee representing senior Punch noteholders that it would vote against the proposals in their current form.
Overall the M&C20 recovered after a experiencing a 2.5% decline last week, rising more than 10 points to 1,138.37. However, it underperformed against the FTSE All Share Index, which rose almost 18 points to 1,031.7.
JD Wetherspoon bounced back nicely, rising 5.9% to 727p after a decline of 5.2% last week, There were also strong gains for London-based operators Young’s (up 3.8%) and Fuller’s (up 3.2%).
Dominos Pizza also continued its decline, falling 2.3% to 490.88p. Last week the company’s shares fell 8% to 502.5p, its lowest price since the M&C Index started, following news that its UK CEO Lance Batchelor is standing down amid doubts about business growth. The announcement comes less than six months after the finance director Lee Ginsberg left the business.
