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(Alliance News) - JD Wetherspoon on Monday said it has had around 32 million customer visits to its 861 open pubs since the 10 weeks since reopening on July 4.
However, the UK pub operator noted that "trade was very quiet over the weekend" ahead of the new virus rules in England restricting meet ups to groups of six or less.
"The situation with regard to pubs has been widely misunderstood...In fact, trade was very quiet over the weekend, as the public weighed up the evidence about the alleged dangers of going out - Wetherspoon sales were 22.5% below the equivalent Saturday last year," said Wetherspoon Chair Tim Martin.
Wetherspoon said there have been only 66 positive tests among its 41,564 employees since July 4. Among its 861 open pubs, 811 have had zero positive tests.
"It is clearly not the case that pubs are 'dangerous places to be', Martin said, adding: "Although it is clearly possible for Covid-19 infections to take place in pubs and shops, the evidence indicates that the risk is low, provided social distancing and hygiene rules are followed, and common sense is used."
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: called up 27.41 points, 0.4%, at 6,058.50
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Hang Seng: up 0.7% at 24,668.26
Nikkei 225: closed up 0.7% at 23,559.30
DJIA: closed up 131.06 points, 0.5%, at 27,665.64
S&P 500: closed up 0.1% at 3,340.97
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GBP: up at USD1.2824 (USD1.2783)
EUR: firm at USD1.1847 (USD1.1836)
Gold: down at USD1,945.50 per ounce (USD1,950.07)
Oil (Brent): soft at USD39.91 a barrel (USD40.22)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Monday's Key Economic Events still to come
1100 CEST EU industrial production
1200 CEST OECD quarterly national accounts - G20 GDP growth
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UK Prime Minister Boris Johnson's former attorney general, Geoffrey Cox, has said it would be "unconscionable" to override the Brexit divorce deal, as the Tory rebellion against the controversial legislation grew. The Tory MP said there is "no doubt" the "unpalatable" implications of the Withdrawal Agreement were known when the prime minister signed it, a time when Cox was the chief law officer. The Brexiteer warned he would not back the UK Internal Market Bill unless ministers dispel the impression they plan to "permanently and unilaterally" rewrite an international agreement. His intervention came ahead of members of Parliament debating the legislation on Monday, when the bill returns to the Commons amid growing criticism. The QC, who was attorney general during the unlawful suspension of Parliament, said tariffs and customs procedures on certain goods entering Northern Ireland from Britain were part of the deal.
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Marketing supremo Martin Sorrell has slammed the UK government's campaign to get people back to their offices, saying it has "itself to blame" as workers shun public transport over Covid-19 safety fears. The founder of S4 Capital and former boss of advertising giant WPP told the PA news agency the government has not done enough to restore confidence that trains and buses are safe to use. He said there will be no widespread return to city centre offices until the government tackles worries over coronavirus infection on transport.
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The personal details of some 2.4 million people from countries including Australia and the UK were compiled in a database by a Chinese company with links to Beijing's military and intelligence networks, according to media reports. The leaked database was collected by the Shenzhen company Zhenhua Data, which lists the People's Liberation Army and Communist Party among its main clients, the Australian Financial Review and national broadcaster ABC reported. Zhenhua Data is believed to be used by China's intelligence service, the Ministry of State Security, according to the reports. The ABC and AFR were among an international consortium of media outlets in the US, Canada, Britain, Italy and Germany that gained access to the database. They reported that data from more than 35,000 Australians are included. Some 40,000 Britons and millions of people in the US, Canada, India and Japan are also named in the files, according to The Telegraph newspaper in the UK.
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Japan's industrial production was up 8.7% in July from the previous month, the second straight month of increase following the lifting of coronavirus-induced restrictions, revised figures from the government showed. It was previously reported that July's industrial production improved by 8%. However, compared with the same month last year, industrial production plummeted 16% amid the economic fallout of the Covid-19 pandemic, the Ministry of Economy, Trade & Industry said.
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BROKER RATING CHANGES
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CREDIT SUISSE RAISES BP TO 'OUTPERFORM' (NEUTRAL) - PRICE TARGET 350 (400) PENCE
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CREDIT SUISSE CUTS SHELL PRICE TARGET TO 1525 (1600) PENCE - 'OUTPERFORM'
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COMPANIES - FTSE 100
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AstraZeneca said it has resumed clinical trials in the UK of its Covid-19 vaccine after a green light from the country's Medicines Health Regulatory Authority. Earlier in September, the company paused the vaccine trials across the world after a UK volunteer developed an unexplained illness. The drugs company is developing the coronavirus vaccine, AZD1222, alongside Oxford University. "The company will continue to work with health authorities across the world and be guided as to when other clinical trials can resume to provide the vaccine broadly, equitably and at no profit during this pandemic," AstraZeneca said on Saturday. AstraZeneca's vaccine candidate is one of nine around the world currently in late-stage phase 3 human trials.
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Vodafone Group reported progress on the sale of its majority 55% holding in its Egypt business to Saudi Telecom for USD2.39 billion. The telecommunications firm said on Sunday that due diligence has been substantively completed, adding that despite the expiry of the memorandum of understanding, it remains in discussion with Saudi Telecom to finalise the transaction in the near future. "Vodafone now looks to stc and Telecom Egypt to find a suitable agreement to enable the transaction to close," the company said. Telecom Egypt holds the remaining 45% stake in Vodafone's Egyptian business. The sale was first announced in January, with Vodafone saying at the time that despite the disposal, it would continue to have a "significant presence in Egypt", including a partnership agreement with Saudi Telecom. Vodafone Egypt contributed EUR1.11 billion in revenue to the telecommunications firm in the year to March 2019. The transaction was originally expected to close in June 2020.
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COMPANIES - FTSE 250
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CLS said it has exchanged contracts to buy three office properties in greater London and the south east of England, for GBP59.7 million, from Aviva Investors. The portfolio consists of One Church Road in Richmond, Priory Place in Chelmsford, and Kings Court in Leatherhead. "We have remained disciplined in our approach to acquisitions and the strength of these assets, combined with our long-term conviction in the UK market, makes this an exciting addition to our portfolio," said Chief Executive Fredrik Widlund.
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COMPANIES - MAIN MARKET AND AIM
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Housebuilder MJ Gleeson said Covid-19 hit its annual results, though it reported a good start to its new financial year. Revenue for the financial year to June 30 was down 41% to GBP147.2 million, while pretax profit slumped 86% to GBP5.6 million. The results reflect Covid-19's hit to the "historically critical" fourth-quarter period - though the company has seen a strong start to the 2021 financial year with a record order book and high levels of demand. No dividend was declared in respect of the recently-ended year, and payouts will resume "as soon as prudent to do so". Looking ahead, Chair Dermot Gleeson said: "We are currently seeing strong demand and expect this to continue through the year as the demographics of our customer base and the nature and price point of our product helps to insulate us from the impacts of rising unemployment, the end of the stamp duty holiday and the forthcoming changes to the Help to Buy scheme. We have therefore re-affirmed our interim target of delivering 2,000 homes per annum in 2022 and will prioritise investment in the business to achieve it." The company is "cautiously optimistic" of "significant growth" in the current year and beyond, Gleeson added.
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Burford Capital said the US Securities & Exchange Commission continues to review its registration statement, as the litigation finance firm eyes a listing on the New York Stock Exchange. Assuming SEC approval, the NYSE has approved Burford's shares for listing. On the SEC approval, Burford shares will trade both in New York and in London.
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COMPANIES - GLOBAL
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Japan's SoftBank Group said it will sell all of its shares in UK chip designer Arm to US semiconductor manufacturer Nvidia for up to USD40 billion. The transaction is expected to be completed by around March 2022 after regulatory approvals, including those of Britain and the EU, SoftBank said in a statement. Following the completion of the sale, the group and its Saudi Arabia-backed Vision Fund will receive a stake of up to 8.1% in Nvidia, it said. SoftBank acquired former London-listing Arm in September 2016 for USD31 billion. The chip designer is 75% held by SoftBank and the rest owned by the Vision Fund.
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Uber Technologies' appeal against Transport for London's refusal to renew its operating licence will be heard this week. A four-day hearing at Westminster Magistrates' Court begins on Monday. TfL rejected Uber's application for a new London licence in November 2019 due to "several breaches that placed passengers and their safety at risk". It found that a change to Uber's systems allowed unauthorised people to upload their photographs to legitimate driver accounts, enabling them to pick up passengers.
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Monday's Shareholder Meetings
Ethernity Networks
Warehouse REIT
Tlou Energy
Bilby
Panoply Holdings
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By Tom Waite; thomaslwaite@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
