Greg Katzenellenbogen from Sanlam Private Wealth chose Richemont as his stock pick of the day, while Joseph Busha from JM Busha Investment Group favoured shorting Sasol. Katzenellenbogen said: “The bottom line is that the share has come off significantly — more than 30% — and this offers an opportunity as the market has not taken everything into account. Richemont still makes a lot of money in their jewellery divisions and they have very high margins, probably the best in terms of global jewellery suppliers. They have bought back a lot of their high-end watches to avoid flooding the market and that programme is due to come to an end now." Busha said: “The coalition between the Sasol share price and Brent crude prices is quite significant, the share price was last trading at a 12% premium to its fair value.”
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