Nick Kunze from Bridge Fund Managers chose Standard Bank as his stock pick of the day, while Mark du Toit from Courtney Capital Private Wealth chose Shoprite. Kunze said that Standard Bank was sold heavily recently and was down by 20%-25%, this comes with the spike in bond yields but “is very much in line with other financial services, although this does feel unjustified”. Du Toit said that Shoprite was perfect for a “buying quality at better prices” approach. “There are questions around whether Christo Wiese would be selling his large stake in Shoprite but it does not look like it at this point. With the tough economic times, they are pulling more customers and they have the opportunity to grow further into the rest of Africa,” he said.
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