After several weeks of subdued activity on the Exchange, the summer lull appears to be drawing to a close. Traded value more than doubled from last week while increased activity for the First Growths helped Bordeaux’s trade share lift to above 70%.

The Liv-ex 50 continues to creep higher as sterling hit an eight-year low against the euro. Although this has not led directly to more trades of the wines within the index, the stronger euro has lifted bids leading to tighter spreads (the difference between the bid and the offer price). The average spread in the index fell from 3.27% to 3.07% in the past week.

Perrier Jouet, Belle Epoque 2008 was the top traded wine by value, helping to lift Champagne’s trade share to 11.5%. Other Champagne brands that traded heavily included Veuve Clicquot and Krug.

The rest of the top traded wines this week all came from Bordeaux. A large volume transaction of Pagodes Cos 2012 led to the wine’s inclusion in the table. Haut Brion, which was the most traded wine brand on Liv-ex in the past seven days, contributed two vintages: the 2007 and the 2014.

Margaux 1996 continues to see heavy activity. The wine was upgraded from 99 points – awarded by Robert Parker –  to 100 points by Neal Martin in October 2016, helping to lift the price by around 20% in a matter of days. This serves as an interesting counterpoint to Montrose 2010, where a Neal Martin downgrade to 99 points from a Robert Parker 100 points did not send the price down. The market appears to be happy to let the price be guided by the presence of 100-point Wine Advocate score, irrespective of the critic.