South African Breweries, affected by persistent weakness in the rand and modest trading in Europe, has been doengraded by investment bank Deutsche Bank today.

The bank said in a note that it had downgraded South African Breweries (SAB) to "underperform" from "market perform" and cut its price target to 405 pence from 470 pence.

"We believe the shares will continue to lose ground to its international beverage peers," Deutsche Bank analysts said .