Nick Kunze from Sanlam Private Wealth chose Absa as his stock pick of the day and Gary Booysen from Rand Swiss chose FTSE autocall.
Kunze said: “Traditionally, the banks have been under pressure for obvious reasons, we know the story ... a slowing economy, concerns over the fiscal issues, competitor pressures and so on. Stocks have come off quite a lot and out of the banking sector we tend to favour Absa.” Booysen said: “It’s called a FTSE 100 autocall, it’s a five-year product and essentially the FTSE index is under pressure just because of Brexit. It’s a lot cheaper than the US at the moment but it’s got very good quality companies inside it.”
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