Shares in Greene King slumped 11% after the pub group reported a decline in sales during the summer and has released a joke of outlook.
Like-for-Like sales fell by 1.2% in the 18 weeks to 3 September, mainly due to a decrease of the “food value” of the sale.
Greene King said it remained “cautious about the trading environment”.
It is also envisaged that “the challenges of a decline in consumer confidence, rising costs and increased competition to persist in the short term”.
The sad news from the pub group – a FTSE 250 members – has also affected the shares of rivals, with Marston, a decrease of 7% and JD Wetherspoon decrease of 2.5%.
The mid cap FTSE 250 index fell by 0.75% to 19,548.70 midday, while the benchmark FTSE 100 index was 34.08 points, or 0.5%, from 7.362.90.
On the currency markets, sterling was boosted by stronger-than-expected production figures. The pound rose 0.7% against the dollar to $1.3196, and was 0.3% higher against the euro at 1.0933 euro.