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BAT shares slide on decline in cigarette market share

Alice Hancock in London

Shares in British American Tobacco slid on Wednesday as the producer of Dunhill and Lucky Strike reported it had lost cigarette market share for the first time in years alongside disappointing sales growth in its alternative cigarette products. The FTSE 100 company reported that its share of the cigarette market by volume was down 10 basis points in the year to date, while its guidance for first-half revenue growth from its “new category” products was less than 30 per cent, disappointing analysts. “With so much focus on performance in [reduced risk products], and BAT being a cigarette share taker consistently for years, we think the stock could be down today,” he said.