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Distell Shares Rise as Rand Decline Helps Push Profit Growth

Jan. 23 (Bloomberg) -- Distell Group Ltd. jumped the most in almost four weeks in Johannesburg trading after South Africa’s largest wine and spirits producer said first-half earnings rose because of higher sales and a declining rand.

Distell advanced 3.1 percent to 74.98 rand at the close, the biggest jump 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, Stellenbosch-based Distell 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 smantshantsh@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net

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