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BUZZ-Restaurant Group: Minimum wage increase prompts Nomura downgrade

Reuters - UK Focus

** Restaurant operator's shares down as much as 3.8 pct, top FTSE Midcap loser, after Nomura cuts rating on co to "neutral" from buy", highlighting pressure from new UK minimum wage laws

** Nomura analysts say new living wage (announced in Chancellor George Osborne's Budget last week) adds unprecedented margin headwind in the pub/restaurant sector

** Stock's low of 661p last seen in January; top loser on FTSE 350 Travel and Leisure Index in decent volumes

** Nomura also cuts PT on Mitchell & Butlers & rating on JD Wetherspoon ; pair both down c.10% from pre-budget levels, with Restaurant Group (LSE: RTN.L - news) 4% lower

** New (KOSDAQ: 160550.KQ - news) wage seen hurting labour-intensive firms the most (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)