13 October, 2006

UK & South Africa: WestLB downgraded SABMiller to ‘hold’

WestLB downgraded SABMiller (SAB.JO) to ‘hold’ from ‘add’ on October 12. "Volume growth in the company's high value markets such as the US and South Africa is disappointing, with both regions experiencing a 2Q slowdown," said WestLB.

"Growth in the low value markets such as China and Africa has been strong, but this depresses the mix component of sales, which drives down margins," it added. Shares traded flat at 1,035p.

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