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Article: BAT climbs back as defensives recover
- Article from:
- The Independent (London, England)
- Article date:
- April 16, 2009
- Author:
CopyrightCopyright 2009 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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Market Report
BRITISH AMERICAN Tobacco traded higher last night, as defensive
stocks, depressed by some sharp selling in the session before,
staged a recovery.
The cigarette maker was the worst-performing blue chip on
Tuesday, as investors bought into riskier cyclical plays. But the
trend was reversed last night, with BAT gaining 4.8 per cent or 71p
to 1,566p.
Investec said investors faced a conundrum - although BAT remains
attractive, and while it has suffered in recent weeks, on a two-
year view it has still outperformed cyclical stocks in the financial
and mining sectors. "The risk therefore exists that cyclicals
continue to rally despite our view that BAT is looking highly
attractive," ...