Chile's win over Spain in soccer's world cup yesterday has done more than simply lift the spirits of a nation – it has boosted the stock exchange as well.
Within hours of Chile's famous victory, Bloomberg reported that shares in Viña Concha y Toro, the country's largest winemaker, and Compañia de las Cervecerias Unidas (CCU), the country's largest brewer (which also has a strong wine portfolio), had surged, buoyed up by the promise of increased alcohol sales as fans celebrate.
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Concha y Toro shares lifted by 3.4 percent on the result, while CCU's shares rose by 3.2 percent, the biggest jump in nine months. The stocks led an overall rise of 1.1 percent on Chile's benchmark Ipsa index.
While the final whistle confirmed a famous victory for Chile over its former colonial masters, it also marked the first time a defending world champion team had been eliminated from the competition after just two games.
To make matters worse for Spain, the team had gone to Brazil as one of the favorites, but a 5-1 drubbing by The Netherlands (another former Spanish territory) left the soccer world stunned and the Spanish in particular dumbfounded. Reaction in the Spanish press has been swift and savage, with the team being accused of holding the country up to ridicule.
None of that will worry the Chilean fans, however, who will be celebrating this result for quite some time. The celebrations might cause headaches for the government, which is urging soccer fans to refrain from their traditional barbecues as they celebrate.
Fears are that the clouds of smoke from charred meat will worsen the smog levels in the capital, Santiago.
Concha y Toro owns familiar brands such as Don Melchor and Casillero del Diablo and has 9500 hectares (23,500 acres) of vineyards in Chile and Argentina. It also has 1060 acres in California, following the acquisition of Fetzer in 2011. It sells more than 30 million cases of wine around the world each year.
CCU holds a 50 percent stake in VSPT, the parent company labels such as of San Pedro and Viñas Tarapaca. It has 10,000 acres of vineyards across Chile and Argentina.
Back at the soccer, Chile will likely face competition favorite and host Brazil in the first knockout phase of the tournament. A win for them in that game would see share prices for wine and beer companies going into orbit.