Beer giant Anheuser-Busch InBev (AB InBev) jumped more than 3% on the JSE on Wednesday, as the market took a bullish view on the group’s upbeat first-quarter results update. The share price rose 3.5% to R1,277 after the update, the best in nearly two weeks, as the integration with SAB continues to progress well, the group said. It ended the day flat at R1,231.52 on a stronger rand. Progress made with cost-cutting pleased the market, with the share regarded as undervalued. Expected synergies were put at $3.2bn in 2016 on the conclusion of the SABMiller merger. The group has now achieved a targeted $2.293bn, with the remaining $900m to be reached in two to three years. AB InBev is able to use its scale and distribution to leverage acquisitions which it makes, said analysts on the Seeking Alpha website. Cost cutting at SAB came to $547m, with $160m achieved in the reported first quarter. SAB saw revenue growth of mid-single digits in the quarter, driven by high single-digit revenue per...

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