Sector movers: Beverage stocks rise after SABMiller's decent Q3

22nd Jan 2013 15:29

A well-received third-quarter trading statement from drinks giant SABMiller lifted beverage stocks higher on Tuesday, as markets celebrated an acceleration in sales growth for the Miller Lite and Foster's maker.Reported revenues, which include the effect of acquisitions and disposals, increased by 17% year-on-year in the three months to December 31st 2012, well ahead of the 11% rise reported in the first half. Meanwhile, organic revenues came in at 8.0% ahead of the consensus forecast of 6.5%, with strong performances in the higher-margin markets (Latin American and South Africa) and slower growth in less profitable ones (China and Europe), highlighted analysts at Jefferies. "Overall, supportive to the high-growth credentials of the group and to our estimate for 100 basis points of organic margin improvement in 2013," the broker said, as it retained its 'buy' rating and 3,200p target price.The stock was up 1.22% at 2,997p this afternoon, after having touched 3,001p earlier in the day, an all-time high.Guinness maker Diageo and Magners cider brewer C&C Group were also in demand today. In contrast, soft drinks group Britvic was lower ahead of its first-quarter trading update tomorrow.Top performing sectors so far todayBeverages 13,571.88 +0.91%General Retailers 2,003.70 +0.78%Oil Equipment, Services & Distribution 25,557.23 +0.69%Health Care Equipment & Services 4,052.20 +0.63%Construction & Materials 3,610.18 +0.60%Bottom performing sectors so far todayAutomobiles & Parts 5,707.22 -1.61%Forestry & Paper 7,749.99 -1.24%Household Goods & Home Construction 8,768.81 -1.00%Life Insurance 5,310.18 -0.77%Banks 4,837.92 -0.71%BC