Dec. 2 (Bloomberg) -- Carlsberg A/S, the biggest brewer in Russia, extended gains in Copenhagen trading after the eastern European country won the bid to host the 2018 soccer World Cup.
Carlsberg rose 3.5 percent, or 19 kroner, to close at 566 kroner, in the Danish capital, the biggest one-day gain since Oct. 21. The stock had been trading at about 562.4 kroner before the World Cup announcement was made at 4:37 p.m. local time.
Russia will hold the world’s most-watched sporting event, FIFA, soccer’s world governing body, said today. Carlsberg has about 40 percent of the Russian beer market which is the world’s fourth-largest, according to the Danish brewer’s website.
Alcohol sales have dropped in Russia this year after the government raised taxes on Jan. 1 to deter excessive drinking. Carlsberg said Sept. 15 the Russian beer market will return to growth next year, regardless of new regulations.
Carlsberg, Anheuser-Busch InBev NV, Heineken NV and Efes Breweries International NV control 80 percent of the Russian beer market, according to Carlsberg’s website.
Russia’s World Cup bid was chosen ahead of England and joint bids from Portugal-Spain and Belgium-the Netherlands.
To contact the reporter on this story: Christian Wienberg in Copenhagen at firstname.lastname@example.org