BUZZ-Reckitt Benckiser: shares hit a record

** Consumer goods giant Reckitt Benckiser (Xetra: A0M1W6 - news) hits all-time high after posting 5 pct rise in Q4 LFL net rev

** Cites growth across its health, hygiene & home brands & businesses; shares, up 3.6 pct, taking its advance over last yr to 24 pct (vs 3.5 pct rise on FTSE 100 )

** Stock, like fellow consumer stocks Diageo (LSE: DGE.L - news) , Unilever & AB Foods, trading on more than 20 times next year's expected earnings

** Rich sector valuations explained by yield-starved investors chasing reliable dividend payers, sometimes against the odds

** Diageo's shares jumped 3 pct on the day of recent disappointing results, while Unilever (NYSE: UL - news) hit a record high within days of weaker-than-expected Q4

** Some on the buyside clearly cautious

** Premier AM's head of UK equities Chris White says high valuations make him "nervous" around the sector in the short-term short term

** Old Mutual Global Investors' Kevin Lilley is steering clear (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)