Sector movers: SABMiller toasts management change, beverages higher

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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 Ј3.59m from Ј1.79m on revenues that were up to Ј33.5m from Ј26.7m, said the company whose products are used in hoses, gears, packaging and several other applications.