Ricus Reeders from PSG Wealth Sandton chose Richemont as his stock pick of the day and Mark du Toit from Oyster Catcher Investments chose cash.

Reeders said: “A week or so ago I said Bidvest but don’t buy if it goes below R170 otherwise you will see a loss, now this has happened. It is the same scenario with Richemont. It is at about R19, which you really don’t want to move below because there could easily be another 20% drop on it, but let’s say that we are on some kind of bottom and, as we said, starting to nibble, then it’s defensive and has always been defensive and recession-proof.”

Du Toit said: “I think that it’s the right time to start putting a little bit of cash to work. I mean everything’s corrected so hard and so fast I think you buy your five favourite stocks and just make sure that they don’t have a debt problem on their balance sheet.”

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