IHG Shares Up as InterContinental Hotels Buyback Lifts Stock Before August Earnings
Shares of InterContinental Hotels Group PLC pushed higher on Friday, last up 3.02% at $165.25 in London at 13:53 BST. The move outpaced a 1.1% gain in the FTSE 100, according to Reuters. The stock picked up as investors took in a new buyback disclosure and recent trading strength. IHG’s ordinary shares have traded in dollars on the London Stock Exchange since Jan. 2, after the company said the change better matches its dollar-based reporting. IHG disclosed in a new filing it bought 20,000 shares on June 11 via Goldman Sachs International on the London Stock Exchange, paying prices from $161.30 to $163.95 a share. The company will cancel these shares, which leaves 149,363,876 ordinary shares outstanding, not counting treasury