Entain share price rallies as departure of its CEO Jette Nygaard-Andersen is welcomed

Investors welcomed the departure of Jette Nygaard-Andersen as Entain’s chief executive on Wednesday with shares in the betting giant closing up over four per cent.

Shares in the parent company of Coral and Ladbrokes have been among the poorest performers on the London Stock Exchange this year, tumbling from a high of 1,585.5p to 792.8p on Tuesday. However, Nygaard-Andersen’s exit after mounting pressure has been viewed as a positive step for the organisation’s future, with shares closing at 852.4p on Wednesday.

Analysts pointed to a number of issues that had been plaguing the company, including poor performing acquisitions, slow online betting growth and the ongoing issues with a HMRC investigation into bribery claims involving a Turkish-based business it had previously overseen.