British American Tobacco (BATS.L)

British American Tobacco's price has climbed roughly 6% in the past month even as its earnings shrank by nearly 29%.

What is going on right now?

The share price has been rising steadily and sits well above where it traded over the past several weeks. That climb happened on lighter-than-usual trading activity, which means fewer people were behind the move.

How is the business itself doing?

The company sells cigarettes, heated tobacco, nicotine pouches, and vaping products to customers worldwide. Revenue inched up about 1%, but profits dropped close to 29%, so it's earning less from each pound of sales than it was a year ago.

What stands out?

The price has risen unusually fast lately, and streaks like this have often taken a breather. Meanwhile, the company pays out about 83% of what it earns to shareholders, leaving a thin cushion if profits keep shrinking.

What comes next?

Stress in UK government bonds may ripple into the pound and into how London-listed shares like this one are priced, so the next Bank of England signals on borrowing costs matter here.