Investment group Reinet said on Friday its net asset value dropped €424m to €5.4bn in the three months to end-September, mainly reflecting a drop in the value of its investment in British American Tobacco (BAT). The share price of BAT, which makes up two-thirds of the Reinet’s asset value, was down about 15% for the review period in pound terms in London, where it has a primary listing. The drop in the share price was partly attributable to reports that US regulators could cut nicotine in cigarettes to nonaddictive levels. Reinet share price little changed to R29.07 in early trade on the JSE, valuing it at R57bn.
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