The UK brewer Scottish & Nwecastle was re-rated by Investec Securities from "buy" to "hold". The analysts of S&N attributed the action to the “lacklustre outlook for its beer operations”. "After the restructuring announcement, now at least investors know what they are getting, that's been good for the shares. But we don't see much good news coming from the beer operations," Investec's Anthony Geard said.

12 May, 2003