Barclays Capital has carried out its first FTSE 100 block trade with the sale of £335m (€400m) InterContinental Hotels shares, as the UK bank pushes ahead with its expansion plans for the equity capital markets business.

BarCap was this morning sole bookrunner for the placement of 29.9m shares at £11.20 each, a 6.6% discount to the closing price last night. The trade was executed on behalf of Ellerman Corporation, an investment vehicle owned by Sir David and Sir Frederick Barclay, which sold its entire stake. At 11.30 BST, InterContinental shares were trading at £11.05.