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.
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Why British American Tobacco Stock Jumped 11.6% in March