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Unilever looks 'hot' and 'happening', says Investec as shares rise

Published: 14:08 25 Oct 2012 BST

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Shares in goods giant Unilever (LON:ULVR) rose nearly three per cent today, after it unveiled third quarter results.

The group, which has 400 brands ranging from Persil to Marmite, was the biggest gainer on the Footsie today.

Sustained growth in challenging ecomic times was driven by growth in emerging markets, the firm told investors.

City broker Investec had this to say: "Unilever has posted a further strong quarter which has beaten expectations materially, driven by better than expected pricing and strong growth in home care and geveloping markets."

In the third quarter, turnover increased by 10.3% to €13.4 billion.

Underlying sales growth of 5.9% with emerging markets up 12.1%, it said.

Investec analyst Martin Deboo said: "While the tone is appropriately cautious, this feels to us like a business that is hot and happening and exploiting both its own strengths and competitive weakness.

"We place our forecasts and price target under review and are ruing our move to a 'Hold' recommendation earlier this year."

Shares rose 2.87 per cent, at 2,330 pence.

 

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