A heat wave rolling across the Europe sent European brewers higher rise in the thermometer with a surge in beer sales. Belgian brewing giant Interbrew led its European peers, up 3.75 % at 20.49 euros in Brussels, a level last seen in May. Volume had already surpassed the average daily with 483,725 shares exchanging hands. Its stock has risen nearly seven percent from a low of 19.17 euros on August 6. "Interbrew is up because of the good weather," said one Brussels dealer.
Dutch rival Heineken gained 2.37 % at 34.11 euros in Amsterdam, its highest since June 20. It has also gained seven percent in the last two days.
SABMiller, which is planning a $2 billion bond issue to help refinance some of its debt, was up 1.30 % at 446.75 in London, a price last seen in mid-May.
The DJStoxx index for the food and berevage sector was up 1.41 % at 184.51. On Thursday, the heat wave led FBS Bankiers to raise its ratings for Heineken, Dutch peer Grolsch and Interbrew on the anticipation of higher beer sales. "The difference between a hot summer and a normal summer is about 10 % in volume sales per day," said Petercam analyst Thijs Berkelder.
Înapoi
(libra 0.9102 sec.)