Investec Securities is advising investors to sell their stakes in Punch Taverns at 927p (912p this week). The broker says sales and conversion of the pubs recently bought from Spirit are on track, and trading in the managed pub estate remains strong. However, it notes the core leased pub estate remains sluggish and is relying on rises in rent. Investec also fears next year’s smoking ban will have a negative impact. The Daily Telegraph 16/09/06 page 2 (Your money – What the brokers say)