COVID-19 update lifts Diageo

Shares in FTSE 100 drinks giant Diageo (LON:DGE) climbed by 2.76% to 2,591.50p (as of 11:45 BST) after it provided a trading statement. The company said that it was starting to see a recovery in on-trade consumption in mainland China and that off-trade European off-trade channels had seen growth in recent weeks, but there was a significant downturn in on-trade demand in Europe and North America due to social distancing measures.

CEO Ivan Menezes commented: “During this challenging time, our top priority is to safeguard the health and well-being of our people, while taking necessary action to protect our business. I am confident in Diageo’s long-term strategy and our ability to move quickly in this difficult environment. We will continue to execute with discipline and invest prudently to ensure we are strongly positioned for a recovery in consumer demand. I am proud of the resilience and commitment of our people as they work hard to support our partners, customers and communities“.