WATCH: Stock pick — FirstRand
Andile Buthelezi from Sentio Capital talks to Business Day TV about his stock pick of the day
Picture: 123RF/EVERYTHINGPOSSIBLEAndile Buthelezi from Sentio Capital chose FirstRand as his stock pick of the day.“I'm going to go for FirstRand. On a year-to-date basis our banks have been hurt quite a bit and it's creating a bit of an opportunity in terms of a decent entry point. I think in this environment it's very important for you to choose the better-quality players and FirstRand is one of those.
“It is one that foreign investors like too because of its high-quality management. In this environment you are likely to see some increase in payments but we've seen some of the initiatives that the banks have instituted to help mitigate against the rand impairment like the payment holidays. They also don't have too much exposure to the high-risk consumers relative to other banks they have a well diversified book,” Buthelezi sad.Read more: Business Day »
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