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Tuesday preview: SABMiller updates on third-quarter trading

Brewing giant SABMiller unveils its latest trading results Tuesday after announcing its subsidiary Cerveceria Nacional will sell its Panama-based milk and juice division.

Brewing giant SABMiller unveils its latest trading results Tuesday after announcing its subsidiary Cerveceria Nacional will sell its Panama-based milk and juice division.

The business will be sold for a cash consideration of $86m to narrow the focus of the company.

Shares were down 0.84% to 2,959.50p at 15:18 Monday following the announcement.

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The drinks company's last results showed strong revenue and earnings growth in the first half. Reported group revenue was up 11% for the six months to September 30th, SABMiller said last November.

While its Peroni brand has been performing well, the group has been hit by a decline in the UK beer market and a rise in alcohol prices.

SABMiller released independent research commissioned from the Centre for Economics and Business Research last month which revealed that a 45p minimum unit price for alcohol would hit drinkers in low-income families.

"Minimum pricing is a poor piece of policy that will do little to address the damage caused by alcohol misuse and much to exacerbate the financial challenge facing moderate drinkers on lower incomes," said SABMiller's Senior Vice President of Industry Affairs, Mike Short.

Also on the agenda tomorrow, Bank of England Governor, Sir Mervyn King, will speak at the CBI Northern Ireland Mid-Winter dinner following his comments slating the bank bonus tax scheme.

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Last week he said it would be "depressing" if bankers choose to defer their bonuses until after the introduction of the new 45p income tax rate.

He said banks risk angering society if they dodge paying tax on their bonuses at the current 50p top rate.

INTERIMS

Ideagen

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Existing Home Sales (US) (15:00)

ZEW Survey (EU) (10:00)

ZEW Survey (GER) (10:00)

Q4

Nord Gold NV GDR (Reg S)

FINALS

Nord Gold NV GDR (Reg S)

EGMS

eServGlobal Ltd.

AGMS

EastPharma Ltd GDR (Reg S), European Investment Trust, JPMorgan Chinese Inv Trust, Keystone Inv Trust, Marston's

TRADING ANNOUNCEMENTS

SABMiller, Cairn Energy

UK ECONOMIC ANNOUNCEMENTS

CBI Industrial Trends Surveys (11:00)

UK Public Sector Net Cash Requirement (09:30)

Sir Mervyn King speaks at CBI Northern Ireland Mid-Winter dinner (19:45)

FINAL DIVIDEND PAYMENT DATE

Conygar Investment Company

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

German ZEW Economic Sentiment Index (Jan.)

US Existing Home Sales (Dec.)

BoJ policy meeting ends

RD

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