Fosters shares climb
rose to a new all-time high on Monday, IndustrySearch reports. The
report claims that...
Shares in Australian beer and wine company Foster's Brewing Group rose to a new all-time high on Monday, IndustrySearch reports. The report claims that according to analysts a combination of factors is driving the current interest in Foster's. These include the current rush to defensive stocks, a greater appreciation of the value of its $2.9 billion Beringer Wine Estates acquisition last year, as well as the positive impact if the Australian Federal Government is forced to cut the beer excise. Foster's is also benefiting from better earnings from the Beringer unit due to the falling Australian currency, the analysts claim. Beringer contributed $63.7 million to earnings for a three-month period in the first half of the year as Foster's delivering an interim net profit of $267.1 million.