AUSTRALIA: Southcorp defies market with Penfold's presence
Australia's Southcorp wine group is defying the market in the month after the attacks on the US with a renewed bullish performance. Its shares rose A$0.18c to A$7.48 at the close of trading on Thursday, in marked contrast to general sector softness.
Market enthusiasm came in the wake of a report from Credit Suisse First Boston highlighting Penfolds supermarket shelf presence.
Penfolds, along with Lindemans and Rosemount, is one of Southcorp's leading brands. CSFB also said Southcorp's US wine revenues could rise from 32% to 40% by 2003.
Penfolds is the 28th largest imported supermarket wine in the US, and was expected to grow from 200,000 cases to 600,000 by 2003.
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