UK's On the Beach rises as company launches $13.3 million buyback programme

On Beach group

Mon 08:10

** Shares of On the Beach OTB.L up 6.1% at 153.4 p 
** The British package holiday group launches share buyback programme for up to £10 million ($13.32 million)
** "Holiday bookings are being made late this year but volumes appear to be holding up well, despite macro uncertainties. OTB's relatively early start to buying back shares is a strong signal of confidence, in our view," Peel Hunt says
** YTD, stock has fallen ~37% 
     
     
     
($1 = 0.7508 pounds)

 (Reporting by Tuhina in Bengaluru)
 ((tuhina@thomsonreuters.com))