Stock Watch
WATCH: Stock picks — Standard Chartered and AngloGold Ashanti
Nic Norman Smith from Lentus Asset Management chose Standard Chartered as his stock pick of the day and Greg Katzenellenbogen from Sanlam Private Wealth chose AngloGold Ashanti. Standard Chartered is listed in the UK, but is an Asian focused bank. Norman Smith said: “So as one can imagine with the negativity around China and there as been a substantial drop in its share price. This is one of the leading banking franchises and emerging markets and is trading at 0.4 times book value, it got as high as four times book value when emerging markets were in vogue. One should be buying stocks and markets when there’s a lot of negativity and bad sentiment and that’s certainly the case for emerging markets and China in particular. I think this is a relatively low-risk play to to get access to that at a very attractive valuation.” Katzenellenbogen said AngloGold is not something that will play out over the next month but investors should start preparing themselves over the next few months to t...
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