Greg Katzenellenbogen from Sanlam Private Wealth chose Richemont as his stock pick of the day, while Jonathan Fisher from PSG Wealth chose British American Tobacco (BAT).
Katzenellenbogen said that Richemont had recently bought back €200m worth of watches and destroyed them to keep them out of the discount market. The company’s shares lost about 7% after this.
Fisher said BAT’s share price had dropped more than 30% in the past five months for various reasons, but the move was probably overdone.
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