NEW YORK: For all the attention paid to the massive snap-back in riskier stocks in the last two months, a somewhat less glamorous group has quietly been reaching record valuations.
They’re the companies that peddle soap, diapers and ready-to-eat food that also happen to be the market’s biggest payers of dividends. Prized as ports in the storm, their run-up is now neck-and-neck with virtually any equity category you can name in the Standard & Poor’s (S&P) 500 Index, amid one of its biggest rebounds in cyclical equities on record.
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