Shares in Turkey’s biggest beer company saw their biggest jump in almost three months after Sunday’s local elections, moving eight times the increase in Istanbul’s main equity index, Bloomberg reported on Tuesday.

Anadolu Efes Biracilik ve Malt Sanayii AŞ rose 3.8 percent to 18.18 liras at 3:36 p.m. in Istanbul, with the stock rising as much as 5.5 percent earlier in the day. This marked the company’s biggest gain since Feb. 6.

The country’s other top beer maker, Turk Tuborg Bira ve Malt Sanayii AŞ, climbed as much as 2.5 percent after the polls, Bloomberg said.

Turkish beer shares saw gains as the lira swung between gains and losses and the yield on Turkey’s benchmark bond was unchanged as the opposition secularist Republican People’s Party (CHP) won victories in Turkey’s largest cities, ahead of President Recep Tayyip Erdoğan’s Islamist Justice and Development Party (AKP).

“Some investors may be betting that municipal restrictions on alcohol sales may somehow be relaxed,” Bloomberg quoted Burak İşyar, head of research at ICBC Securities in Istanbul, as saying.

Stiff alcohol taxes introduced by the AKP have led to rising prices of beer and the popular spirit raki. Some AKP municipalities have also cracked down on venues that serve alcohol.

Shares in Anadolu Efes declined almost 12 percent this year, trailing the 3.4 percent gain in the benchmark Borsa Istanbul-100 index, Bloomberg said.

The company fell short of the average analyst estimate of profit in 2018, reporting 96.9 million liras ($17.5 million) profit.