Investors are happy with the company’s progress diversifying away from tobacco and nicotine.
Shareholders of tobacco giant British American Tobacco (NYSE:BTI) had to be happy with the month of March, as shares gained 11.6% in the period, according to data provided by S&P Global Market Intelligence. That exceeds the approximately 9% returns for the entire past 12 months. Some of what investors like is the progress BAT is showing in diversifying from its traditional tobacco and nicotine products.
In mid-February, when the company reported its fiscal 2020 results, BAT updated investors on several aspects of its “new categories” segment. Its Vuse vapor revenue grew 85%, for example. But developments with its moves into cannabis-related products is what investors seem to be cheering the most.
Howard Smith – The Motley Fool – 2021-04-08.