March 19, 2013 / 10:21 AM / in 5 years

STOCKS NEWS AFRICA-Richemont slides on share placement

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0948GMT 18Mar13 - Richemont slides on share placement


Johannesburg-listed shares of Richemont slide as traders in Europe say U.S. investment bank Goldman Sachs placed about 7 million shares in the Swiss luxury goods firm.

Goldman placed the shares between 76.30 and 77.50 Swiss francs, traders say.

“They did book building in a very controlled way. Also, on a technical basis the stock is in overbought territory,” said Ferdi Heyneke, a portfolio manager, at Afrifocus Securities in Johannesburg.

Richemont stock is down 2.7 percent at 74.94 rand, the biggest loser on the benchmark Top-40 index.

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