Brown-Forman Corp. (A:US), the maker of Jack Daniel's whiskey, rose the most in almost two years in U.S. trading.
Brown-Forman's Class B shares increased $4.37, or 7 percent, to $66.55 at 4:03 p.m. in New York Stock Exchange composite trading, the biggest gain since March 2006. The shares have dropped 10 percent this year after a 12 percent gain in 2007.
Thomas Russo, a partner at Gardner Russo & Gardner in Lancaster, Pa., said the rise may be partially because of recent good news in the spirits and wine markets. His firm held 283,000 shares of Brown-Forman as of Sept. 30.
``The markets overall seem to be accepting higher prices, and that's true across the spirits category,'' Russo said today in a phone interview.
Diageo Plc (DGE), the world's largest liquor company, agreed this week to buy California winemaker Rosenblum Cellars for $105 million, ``a price that seemed quite high,'' Russo said.
Pernod Ricard SA, the world's second-largest liquor company, raised its annual profit forecast last month.
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