UK stocks opened lower on Wednesday as protests in Hong Kong against a controversial China extraditions bill intensified, while US-China trade tensions lingered.
The benchmark FTSE 100 index was down 27.02 points, or 0.4%, at 7.371.43.
With smoking in decline and the industry facing tougher regulation, the firm has been investing heavily in the development of Next Generation Products (NGPs), designed to give smokers less harmful alternatives to cigarettes.
PEPSI CEO APPOINTMENT FALLS FLAT
Narasimhan becomes the first outsider to take on the top job since the company was formed in 1999 from the merger of UK firm Reckitt & Colman and Dutch company Benckiser.
Thanks to its fast-fashion business model, whereby it can test new concepts and quickly produce the ones that have the best response from customers, the company has been able to buck the trend of declining sales in the wider fashion sector.
NEW WARNING FOR CAR DEALER
Voucher company Park (PARK) fell 0.6% to 68p on the back of a 10% fall in annual profit, driven by lower sales in its consumer business.
Industrial and commercial equipment supplier HC Slingsby (SLNG) slumped 13% to 85p on announcing that its earnings had been pressured by lower sales growth in April and May, pinned on Brexit uncertainty.