Leading up to 2022, the Diageo (LSE:DGE) share price had glided higher over many years, recovering from every setback to notch new highs. It was driven on by the global spirits premiumisation trend.

Since then though, being a Diageo shareholder has felt less like sipping G&Ts in a trendy Mumbai cocktail bar, and more like nursing a hangover in a dimly-lit pub. The reversal of fortune — the stock is down 55% in five years — has been quite shocking.

However, sometimes the FTSE 100 stock teases a recovery. Since 1 July, for example, when it closed at 1,483p, Diageo has jumped to 1,639p. A rise of roughly 10.5%.

Is this yet another false start? Or the beginning of something more significant?

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