Pub shares suffer further slump
Pub shares have suffered a further slump this week following the ban on investors short selling financial stock.
Short-sellers, who borrow shares and sell them before buying back at a lower level, now appear to be turning their attention to consumer companies such as pubcos.
It is the second consecutive day of decline for shares in the sector. Punch shares have now hit their lowest level since flotation in May 2002. Shares are down 14.2% from yesterday at 182p. The flotation price was 230p and they reached a peak of £13.23 in 2007.
Well-known short seller David Einhorn is already a prominent investor in Punch stock.
Enterprise shares have fallen 7.11% to 186p while Mitchells & Butlers is down 12% to 240p and JD Wetherspoon is down 7% at 292p.
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