Reinet shares open higher on solid growth in net asset value
After losing ground in 2018, BAT’s shares gained 27.4% in the first quarter, but have since given up some of those gains.
Shares in Johann Rupert’s Reinet rose to their highest level in nearly two weeks on Monday after the group said the net asset value of its main fund rose by a quarter in the three months to end-March as its investment British American Tobacco (BAT) staged a partial recovery.
Reinet’s shares were up as much as 2.3% before paring gains to close 1.69% higher at R238.46 after the group said the net asset value of its main fund rose 24.7% to €4.9bn at the end of March.
After sliding 43.4% in 2018, BAT’s JSE-listed shares gained 27.4% in the first quarter of 2019, but have since given up some of those gains. The stock is up 18.1% in the year to date.