Shares in luxury goods company Richemont shot up over 1 000% on Wednesday as a share consolidation kicked in, and the company went ahead with the secondary listing of its A shares on the JSE. Moneyweb CompanyNews NtandoThukwana
Shares in luxury goods company Richemont shot up over 1 000% on Wednesday as a share consolidation kicked in and the company went ahead with the secondary listing of its A shares on the JSE. The group, which is dually listed on Zurich’s SIX Swiss Exchange and the JSE, saw its share price trading at over R3 000 a share, relative to R300 at the start of the week. Richemont owns Cartier, Chloé, Lange & Söhne and Baume & Mercier, among others. The rally takes its market cap to R1.
Richemont share price Vestact portfolio manager Bright Khumalo told Moneyweb that the move means that Richemont is listing “actual real shares” which would trade in tandem with those in Europe. “This means they have to adjust the number of shares as well… [That’s] why they’re doing a 10-for-1 consolidation. The prices will essentially track each other,” Khumalo said.
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