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Summer rain dampens C&C drinks group's profits

Published:  23 July, 2008

Shares for the cider-making C&C drinks group fell back by nearly 6% according to the Reuters news agency.

It suggested the Dublin-based company's shares were 4% lower at 10.71, a slight recovery from decline to 10.50 (7.07), but still down on Friday's (22 June) closing value of 11.15 (7.41).

It reported that traders had warned wet summer conditions could hit UK and Irish demand for both Magners and Bulmer ciders.

The news agency suggested that traders had cautioned that movement of the company's stock was 'very light.'

It suggested their value had been dented press reports that hedge fund managers used the poor weather to drive down stock values.

Their below 11 (7.51) fall had probably exaggerated this decline.

C&C's shares have more than quadrupled in value since its 2004 stock market debut. Reuters attributed this to UK demand for Magners.