David Shapiro from Sasfin Securities did not have any particular stock pick for the day but rather suggested that a play on Nasdaq would be a better option, while Greg Katzenellenbogen from Sanlam Private Wealth chose Richemont. Shapiro said that tech shares and in particular the Nasdaq ETF was a good way to get exposure to a modern and growing economy. Richemont has now acquired shares in Net-a-Porter, which will take its online sales from 1% to 17% and help the company’s other brands. “Jewellery is now a bigger revenue generator for them than watches and everyone says that millennials want experiences and not goods but it hasn’t proved to be the case with jewellery,” said Katzenellenbogen.
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