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Transcript:

Chris Scorer: British American Tobacco...this one is just purely really from a technical point of view more than anything else. The stock has run very hard over the last sort of month or so and it’s looking very over bought on several indicators - the RSI and the stochastics as well. I do think it has run a bit too hard too fast and we are also approaching a big level around R254. I think as long as we actually maintain there I’d be looking at R10 on the downside...

Giulietta Talevi: The Bloomberg graph is quite complicated. It closed on Friday R252.39. To some extent this has been a really defensive pick so if there is renewed risk appetite do you think that it might also sell off?

Chris Scorer: Yes, I think it’s also a bit of a rand play. There’s a couple of reasons as to why I think we could potentially see a bit more downside on this. As you said if there is a bit more risk appetite coming into the market you will see guys selling this off and going into resources and those types of things...

Broker:
Chris Scorer, Anglorand Derivatives

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