Imperial Brands is on track to meet its full-year goals helped by strong sales of e-cigarettes and heated tobacco sales in Europe, it said, boosting its shares to a more than two-year high.
Shares of the maker of Winston cigarettes and Backwoods cigars rose as much as 7%, the second-best performance on the Stoxx Europe 600 index.
Investors seem "relieved that the firm is on track to hit its full year guidance figures, as it proceeds in its five-year strategy to shift to tobacco alternatives", Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said.