Volumes are low in UMG so far on 5 January 2021 (to just before...

Volumes are low in UMG so far on 5 January 2021 (to just before 1500 hours) but the share price is continuing to drift downwards.

Difficulties in the UK/USA/Canada with 'the virus', including the UK lockdown, must be a major factor, as in the UK, it'll mean a cessation to the important 'on-premise' (pub) alcohol consumption trade. However Northern Hemisphere winters are hardly peak beer consumption time.

Oz is a minor source of UMG revenue - seven per cent - so the comparatively 'good' performance here re novel coronavirus isn't very influential on the share price.

Perhaps bravely, I topped up recently as one can't help considering that UMG is generally a sound business. GNC thinks so as with the demerger, it retained a 10 per cent stake.

Is there any significant shorting activity ongoing with UMG?