SABMiller emerged as the top gainer of the day
SABMiller (SAB) gained 1.30% and topped the iShares MSCI United Kingdom ETF (EWU) on September 28. The stock climbed on reports of Anheuser-Busch InBev’s (BUD) bid for the UK-listed brewer. BUD is anticipated to bid 70 billion pounds, or $106 billion, for SAB for the possible takeover, which would make it the world’s largest beer company. SAB, which was reluctant about the offer initially, has softened its position.
Key stocks of the day
The other two stocks to join SAB in the top three were BAE Systems (BA) and ITV (ITV), both belonging to the consumer discretionary sector. The stocks gained 1.02% and 0.93%, respectively, on September 28. BA gained on Bernstein’s rating upgrade of the company to “outperform.” Another stock that gained a return of 0.80% on the day was National Grid (NG), which is a gas utility stock. Generally, utility stocks outperform in volatile situations.
The stocks at the bottom were Glencore (GLEN), Anglo American (AAL), and Tullow Oil (TLW). The stocks yielded -29.42%, -10.09%, and -7.02%, respectively, on September 28. Rio Tinto (RIO) fell by 4.78%. GLEN, RIO, and AAL are mining stocks while TLW belongs to the oil and gas industry. Financial stocks Aviva (AV), Prudential (PRU), and HSBC Holdings (HSBC) fell by 3.42%, 2.55%, and 2.91%, respectively, on September 25. The healthcare stocks GlaxoSmithKline (GSK) and Smith & Nephew (SN) fell by 2.99% and 2.72%, respectively.
For more information on the impact of China’s weak data on the crude oil market, visit our series, Crude Oil Market Is Hit by a Double-Edged Sword.