Distell Shares Jump as Rand Decline Helps Push Earnings Growth
Stock Chart for Distell Group Ltd (DST)
Distell Group Ltd. (DST) jumped the most in a month in Johannesburg trading as South Africa’s largest wine and spirits producer said first-half earnings rose because of higher sales and a declining rand.
Distell gained as much as 3.1 percent to 74.98 rand at 4:26 p.m., the biggest intraday advance since Dec. 28. That pared the stock’s 12-month decline to 0.2 percent.
Earnings per share for the six months through December probably rose by as much as 25 percent from a year earlier as volume increased and rand fell against major currencies, the Stellenbosch-based maker of Bisquit cognac and Klipdrif brandy said in a statement today.
The currency of Africa’s biggest economy dropped by 22 percent against the dollar in the year through December, according to data compiled by Bloomberg.
To contact the reporter on this story: Sikonathi Mantshantsha in Johannesburg at email@example.com
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