Drinks company also denies it plans to dispose of 34% stake in champagne and cognac business Moët Hennessy

Diageo has ruled out a sale of its famous Guinness brand, quashing speculation that the drinks giant was looking to cash-in on runaway demand demand for the fashionable Irish stout.

The FTSE 100 company issued a statement on Sunday, denying that Guinness was up for sale or that a disposal of its 34% stake in the champagne and cognac business Moët Hennessy was on the cards.