Imperial Tobacco share price down on FTSE 100 ahead of FY results
Shares in Imperial Tobacco were down on the FTSE 100 ahead of the group's full year results, due out tomorrow.
In July the company reported a fall in demand for cigarettes, especially in Spain, the US, Russia and the Ukraine. Central Europe however saw a rise in cigarette volumes.
Despite the fall in cigarette volumes, sales overall were helped by a rise in volumes of cheaper roll-up tobacco. Trading was described as being "in line" with expectations.
Keith Bowman, analyst at Hargreaves Lansdown, said, "Current full year pre-tax profit estimates provide a median figure of £2.34 billion, up just under 5 percent from the year previous, whilst analyst opinion denotes a strong buy ".
By 16:50 shares in Imperial Tobacco were down 1.15 per cent on the FTSE 100 to 1,896.00 pence per share.
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