Harboes Bryggeri A/S rose the most in more than a week in Copenhagen trading after Danske Bank A/S said Denmark’s third-largest brewer will boost beer sales due to warm weather.
Harboes shares rose as much as 1.3 percent to 76.50 kroner the most since Aug. 22. They rose to 76 kroner 9:56 a.m. local time, with trading volume at 38 percent of the three-month daily average.
Royal Unibrew A/S, Denmark’s No. 2 brewer, this week said it expects to report earnings in the high end of its 2013 forecast range after warm summer weather helped sales. Harboes, based in the city of Skaelskoer, will on Sept. 3 report earnings for the three months ending July 31, its fiscal first-quarter. Danske today raised a price estimate on the stock by 9.6 percent.
“We expect a first quarter with a positive impact from a weather point of view, particularly in the important Danish market,” Danske said. “We also believe the relatively good weather-performance year-on-year in August will benefit Harboes’s second-quarter positively.”
Danske increased its share price estimate to 80 kroner from 73 kroner. The Copenhagen-based bank kept a hold recommendation on the stock, saying it’s “uncertain over the continued investment level in the company.”