10 Firms Post Impressive Gains on Monday

6. British American Tobacco Plc (NYSE:BTI)

Share prices in British American Tobacco increased by 4.43 percent on Monday to finish at $39.61 apiece as investors took heart from a move from President Donald Trump to nix a proposal to ban menthol cigarettes in the US.

According to reports, the draft ruling to ban menthol was officially withdrawn in a regulatory docket earlier this week, sending shares of tobacco makers popping during Monday’s trading.

Former president Joe Biden floated the possible ban on menthol cigarettes under his administration in a bid to save lives by reducing the tobacco epidemic. The ban was part of the administration’s cancer moonshot initiative, which aims to reduce the threat of cancer.

The tobacco industry is currently one of the largest revenue-generating industries in the US, and banning the sector would have cost the economy billions of dollars in lost revenues.