Drinks giant Diageo pulls FTSE back

A fractional FTSE 100 climb of 3.3 points to 4545.3 reversed the 21 points fall earlier in the day, prompted by an announcement from Allied Domecq’s chief executive, Philip Bowman, suggesting the firm may have underestimated its profit forecasts. The makers of Malibu rum gained 10.75p or 2.4% to 454.25p as a result, while its rival Diageo – manufacturers of Smirnoff Vodka and Gordon’s Gin - made the most of it and gained 24.5p or 3.4% to 753.5p while SABMiller, the world's second-largest brewer, saw its share price rise 18.5p or 3.2% to 599.5p. William Morrison – which at the end of l...