Shares in drinks group C&C fell by as much as 7% in Dublin today, though they recovered to close down 4.2%, as traders said new figures suggested its fast-growing Magners cider brand was not performing as well in Britain as some had hoped.
'There's some Nielsen data out today. It wasn't as good as expected,' one trader was reported as saying. But the trader added that the shares had performed strongly lately and there may also be some profit-taking.
Analysts watch sales volume data from market research group AC Nielsen closely to gauge how well Magners is selling in the UK, where C&C began rolling out the drink nationwide in March, accompanied by an intensive marketing campaign. The data reportedly showed that Magners' market share in August and September was slightly down after a sharp rise in July.
Shares in C&C have increased more than five-fold since a 2004 stock market debut and have more than doubled this year thanks largely to the success of Magners and Bulmers cider.
C&C shares closed down 52 cent to €11.85 in Dublin this evening.
