- European shares tick down
- Euro volatility down from recent peak
- Asian shares up, U.S. futures dip
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NO SMOKING? NO PROBLEM! (1025 GMT)
It’s fair to say that New Zealand’s plan to forbid youngsters from ever buying cigarettes, clearly one of the world’s toughest crackdowns on the deadly habit, hasn’t sent tobacco shares in nicotine withdrawal convulsions this morning.
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British American Tobacco, Imperial Brands, and Swedish Match are cruising up between 0.2% and 0.7% with little sense that the Kiwi legislation could be the beginning of the end for the industry.
There are many reasons for that.
According to Citi analysts, New Zealand only represents 1% to 2% of the earnings before interest and tax (EBIT) of British American Tobacco and…