Did someone shake-up the beer keg at Molson Coors Brewing Company? On Tuesday its shares look particularly effervescent amid a generally improving environment for its mass-market Coors Light and Molson Canadian beer brands.

Its shares traded to a record after earnings and currently stand 6.11% higher at $71.15. The exuberance behind the buying spree amongst investors has driven speculators to look for further share price gains, with option traders snapping-up call options 11.75% above Monday’s closing price.

Neither 75.0 strike options in the October nor January expirations showed much interest among option traders ahead of Tuesday’s session, but have attracted call buying of almost 6,000 contracts between them so far.

At the nearer contract call premiums have risen from 35-cents to $1.45 per contract while it now costs $2.50 to secure buying rights at the same 75.0 strike expiring in January rather than the 95-cent premium at which the option settled Monday.

Overall, today’s volume of 19,400 contracts is equivalent to approximately half of the current open interest held amongst option traders as the shares surge to new highs. Implied volatility is higher at 19.1% in the October contract from 17.2% at Monday’s close.
 

Chart – Implied volatility edges higher in October contract for Molson Coors