Sector movers: SABMiller toasts management change, beverages higher

27th Jun 2011 15:50

The beverages sector is going well today, helped by brewing giant SABMiller, famous for its Miller- and Peroni-branded lagers.The company revealed on Monday that Domenic De Lorenzo, who is responsible for mergers and acquisitions, corporate strategy and development, will join its Group Executive Committee, effective 1 July. This announcement comes a week after the Australian brewer Foster's Group rejected SABMiller's A$4.90 per share proposal. On 21 June, Foster's Group board rejected SABMiller's merger deal saying that the offer significantly undervalues the company. Smirnoff and Guinness owner Diageo and Magners maker C&C are also making gains.Plastics Capital, the speciality plastics maker, is providing a drag in the chemicals sector, the worst performing sector of the day.The group said it benefited from customers restocking in the global economy recovery as it posted a rise in profits in the year to 31 March. Pre-tax profits rose to £3.59m from £1.79m on revenues that were up to £33.5m from £26.7m, said the company whose products are used in hoses, gears, packaging and several other applications. BCTop performing sectors so far todayBeverages 9,622.21 +1.48%Automobiles & Parts 5,045.55 +1.12%Tobacco 30,672.11 +1.00%Food Producers & Processors 5,316.20 +0.98%Oil & Gas Producers 8,044.52 +0.94%Bottom performing sectors so far todayChemicals 7,252.11 -0.91%Pharmaceuticals & Biotechnology 9,266.73 -0.61%Oil Equipment, Services & Distribution 24,145.27 -0.59%Technology Hardware & Equipment 744.26 -0.58%Electricity 8,593.43 -0.47%