Shares in Diageo were up on the FTSE 100 in afternoon trading ahead of an interim management statement from the brewer, due out tomorrow.

In August the group, which owns brands such as Guinness, Smirnoff and Johnnie Walker, reported a slight rise in pre-tax profit of 1.5 per cent to £1.63 billion in its full year results.

The group reported a good set of results for its operations in Asia, Latin America and Africa, but poorer results in North America and Europe.

Keith Bowman, analyst at Hargreaves Lansdown, said, "Asia is again expected to prove a point of strength, with competitive pricing in Australia easing and momentum in China building. Market consensus currently denotes a buy ahead of the update."

By 14:55 shares in Diageo were up 0.80 per cent to 1,133.00 pence per share.