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.

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