Follow the money. Distiller Diageo is repurchasing up to ￡550m worth of shares, part of a pre-signalled ￡4.5bn capital return programme. The maker of Guinness and Smirnoff is not the only buyer. Shares have been running ahead of the benchmark FTSE 100 index this year, as pubs and bars pulled up the shutters after lockdowns. An upbeat capital markets day in the middle of the month, during which management raised guidance, adds sparkle.

Clearly, it is a good time to be in alcohol. Luxury cognac maker Rémy Cointreau easily trumped analysts’ forecasts; it too upgraded full-year profit guidance. France’s Pernod Ricard was likewise ahead of market expectations with its 20 per cent increase in organic growth in the first quarter.

Much of this comes from the rollback of lockdowns. But it also attests to the industry’s strategy of encouraging drinkers to trade up to snazzier vodkas or “artisanal” gins. The industry also affords a handy bulwark against inflation in the form of aged drinks: whiskies and wines laid down for years can cushion against persistent price rises. As multinationals, most drinks groups benefit from geographic diversification.