They will never say so, of course, but secretly the tobacco majors must be absolutely delighted about this morning's ruling by Australia's highest court that bars the branding of cigarette packs. It may even begin to make tobacco stocks - already one of the best-performing sectors over the last five years - worth yet another look.

The court ruling upheld an Australian government law, passed last year, to make all cigarette packaging the same. From December onwards, all packs of cigarettes sold in Australia will be olive green, with just the name to distinguish the brand. There will be no other colours, and no logos.