WATCH: Stock picks — the dollar and Naspers
Gary Booysen from Rand Swiss chose to go long on the dollar and short on the rand as his stock pick of the day and Joseph Busha from JM Busha chose Naspers.
Booysen is essentially buying the dollar, which is a technical pick if you look at the rand-dollar exchange rate.
“With a possible five rate hikes coming from the US, the dollar is most likely going to be at R14. So, if you are looking to externalise a bit of cash, it’s the right time to do so now,” he says.
Naspers which is back at R3,000. The company has recently sold off some stocks in various companies and restructured its balance sheet.
“With some cash in their drawers, they are saying to the market that they are ready to expand and perhaps acquire some more assets to the group.”
Gary Booysen from Rand Swiss talks to Business Day TV about going long on the dollar and Joseph Busha from JM Busha discusses Naspers