The FTSE 100 is swinging between minor gains and falls this morning as Whitbread and InterContinental Hotels Group (IHG) lead the pack, gaining 2.22 per cent and 3.72 per cent respectively at 9:00.
Investors liked Whitbread's first half results, in which the company reported a pre-tax profit of £291.3m, up 13 per cent on the same period last year. Sales rose 11 per cent to £1.44bn.
Meanwhile IHG, one of the world's largest hoteliers, reported a revenue per available room – a key metric for the industry – rise of 4.8 per cent for the three months ending September 30, outdoing analyst expectations of 3.9 per cent.
IHG's chief executive, Richard Solomons was optimistic:
Looking ahead to the remainder of this year, we are encouraged by current trading trends and remain confident in the outlook.
Meanwhile, market analyst at Panmure David Buik said: "There were very good numbers from Intercontinental Hotels, ASOS and Whitbread, though analysts expressed concern that little comment was made about the future effect of the living wage."
However stocks of mining companies continued to fall, even though the firms managed to stave off the same level of agony they suffered yesterday.
Anglo American was down 0.19 per cent at 9am, while Antofagasta Holdings was trading 0.54 per cent lower, and BHP Billiton was 0.87 per cent down.
Fresnillo was trading 1.23 per cent lower at 9am, and Glencore was 0.24 per cent down.