As Nicky Henderson said one thing about Constitution Hill after his exercise gallop at Newbury on Tuesday morning, the betting markets said another, adding another twist to the build-up to his much-anticipated return to action at Newcastle in 11 days’ time.

The unbeaten winner of the 2023 Champion Hurdle finished a half-length behind Sir Gino, his galloping companion, his first trip to a track since February, but while Henderson said afterwards that “he’s ready for action” and insisted that the seven-year-old’s huge talent “is still there”, he had drifted from odds-on to odds-against for the Fighting Fifth Hurdle on 30 November within an hour of crossing the line.

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