Shares of Australia’s Treasury Wine (ASX:TWE) saw a rise of as much as 4.7% to A$11.8, marking the largest percentage gain since April 11.

The winemaker expressed optimism about its positioning to deliver growth in FY24.

The company also announced a final dividend of 17 Australian cents per share, higher than last year’s dividend of 16 cents.

A global increase in demand for luxury wine is expected this tear, spearheaded by its Penfolds label and potentially enhanced by the improving relations between Australia and China.

Despite reporting a 3.3% decrease in annual profit due to slower sales in the United States, Treasury Wine’s (ASX:TWE) stocks have only declined by 16.31% so far this year, as of its last closing.

Treasury Wine is an Australian wine company with a significant global footprint.