Obviously, investing in tobacco shares is not to everyone's taste - but through good times and bad they continue to make money for shareholders, Questor in the Telegraph notes.

A study this week released by BNY Mellon Wealth Management and Janney Montgomery Scott showed that the MSCI World Tobacco Index had the highest return out of 67 groupings in the MSCI World Index in the 10 years to 2011. The sector was the best place to put your money in the equity markets for the past 10 years.

By historical standards the shares of Imperial Tobacco are looking cheap, Questor reckons, trading on a September 2011 earnings multiple of 11.2, falling to 10.3 next year. The prospective yield is 4.6%, rising to 5.1%, which is attractive for income-seekers.

IMPs has changed its dividend policy to increase the pay-out ratio to 50% of adjusted earnings, instead of 47%. The shares were last recommended as a buy at £21.03 a share on September 22 last year. They are up 10% since then, compared with a market up 15%. The sector should continue to generate significant amounts of cash to pay dividends and invest in its key brands. The shares remain a buy for income-seekers, Questor believes.

Questor is a little less downbeat on consumer goods giant Unilever's full-year numbers than the market. Given the backdrop, Thursday's numbers were actually quite a creditable result for the maker of Dove soap and PG Tips tea bags. The fourth-quarter dividend is 18.79p and it will be paid on March 22. The ex-dividend date for this payment is February 15, so new investors have a little over a week to buy the shares and qualify for the payment.

The group reiterated its guidance of profitable volume growth, steady and sustainable underlying operating margin improvement and strong cash flow. The shares were last tipped as a buy on October 16 last year at £21.09, so yesterday's fall means the shares are now 4pc lower than this level, compared with a market up 6%.Trading on a December 2012 multiple of 13.1 times, falling to 12.1 and yielding a prospective 4% rising to 4.3%, the shares remain a buy, The Telegraph's Questor team says.

AB

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