Market report: Investors pile on InterContinental Hotels


Speculators who piled into InterContinental Hotels Group yesterday on bid hopes could be about to get their figures burnt.

IHG, which owns the Crowne Plaza and Holiday Inn brands, jumped 76p to 2,302p after reports over the weekend that it had rejected a £6bn bid from a mystery US suitor, believed to be rival Starwood, earlier in the year. Traders are hoping the bidder will return to the table, but many in the City are sceptical.

IHG rallied earlier this month after announcing a $750m special dividend and raising the possibility of further asset sales. Jonathan Jackson, the head of equities at Killik, reckons this makes IHG an expensive target and highlighted the company’s ongoing buybacks – any company in ongoing talks couldn’t buy its own shares under takeover regulation. IHG declined to comment.

Former takeover target AstraZeneca tumbled 76p to 4,252p after Pfizer officially threw in the towel. Another pharmaceutical deal rumour from earlier in the year was dredged up by some traders: GlaxoSmithKline, up 7p at 1,634p, is said to be eyeing a £1bn bid for US rival Ariad. GSK declined to comment.

The rise of Eurosceptics over the weekend failed to dent the markets, with the FTSE 100 tracking European and US markets higher yesterday. The Footsie closed up 29.19 points at 6,844.94.

Aveva, maker of oil rig design software, jumped 189p to 2,350p on the mid-cap index, thanks to an  11 per cent rise in  full-year profits.

Rightmove’s chairman Scott Forbes cashed in a £7m stake in the online property Goliath, roughly half his holding. It comes less than a week after rival Zoopla announced plans for a £1bn float next month. Rightmove added 9p to 2340p.

Aim-listed African metal explorer Bellzone Mining jumped 1.43p to 4.02p, after major shareholder China Sonangol confirmed it won’t make a takeover bid.

Astar Minerals climbed 0.35p to 1.32p on news of a joint venture deal in Mexico that will see the company bid for oil and gas concessions. Mexico’s energy sector is being reopened to foreign operators for the first time since the 1930s.

Emma Watson has become the latest target of the 4Chan nude hacking scandal
peopleThreats follows actress' speech on feminism and equality at the UN
Life and Style
food + drink
Arts and Entertainment
British actor Idris Elba is also a DJ and rapper who played Ibiza last summer
Life and Style
ebooksAn unforgettable anthology of contemporary reportage
Life and Style
Life and Style
Alan Turing, who was convicted of gross indecency in 1952, was granted a royal pardon last year
Arts and Entertainment
Sheridan Smith as Cilla Black and Ed Stoppard as her manager Brian Epstein
tvCilla Episode 2 review: Grit under the glamour in part two of biopic series starring Sheridan Smith
Life and Style
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

IT Project manager - Web E-commerce

£65000 Per Annum Benefits + bonus: Clearwater People Solutions Ltd: If you are...

Trainee / Experienced Recruitment Consultants

£20000 - £25000 per annum + OTE £40,000: SThree: SThree are a global FTSE 250 ...

Trainee Recruitment Consultant - Soho

£20000 - £25000 per annum + OTE £40000: SThree: As a Recruitment Consultant, y...

Trainee Recruitment Consultants - Banking & Finance

£20000 - £25000 per annum + OTE £40,000: SThree: SThree Group have been well e...

Day In a Page

Secret politics of the weekly shop

The politics of the weekly shop

New app reveals political leanings of food companies
Beam me up, Scottie!

Beam me up, Scottie!

Celebrity Trekkies from Alex Salmond to Barack Obama
Beware Wet Paint: The ICA's latest ambitious exhibition

Beware Wet Paint

The ICA's latest ambitious exhibition
Pink Floyd have produced some of rock's greatest ever album covers

Pink Floyd have produced some of rock's greatest ever album covers

Can 'The Endless River' carry on the tradition?
Sanctuary for the suicidal

Sanctuary for the suicidal

One mother's story of how London charity Maytree helped her son with his depression
A roller-coaster tale from the 'voice of a generation'

Not That Kind of Girl:

A roller-coaster tale from 'voice of a generation' Lena Dunham
London is not bedlam or a cradle of vice. In fact it, as much as anywhere, deserves independence

London is not bedlam or a cradle of vice

In fact it, as much as anywhere, deserves independence
Vivienne Westwood 'didn’t want' relationship with Malcolm McLaren

Vivienne Westwood 'didn’t want' relationship with McLaren

Designer 'felt pressured' into going out with Sex Pistols manager
Jourdan Dunn: Model mother

Model mother

Jordan Dunn became one of the best-paid models in the world
Apple still coolest brand – despite U2 PR disaster

Apple still the coolest brand

Despite PR disaster of free U2 album
Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits