WATCH: Stock pick — JSE banks index
Robert Towell from Sasfin Securities chose JSE banks index as his stock pick of the day.
He said the banks have had a good run since December and are still showing some value.
“If the market gets sold off a bit, you can look to pick up some FirstRand, Nedbank and Standard Bank stocks. They were all trading on a 10 or 11 price-earnings (PE) ratio at the end of last year and Absa went all the way down to about an eight PE but there was still some good value there.”
Robert Towell from Sasfin Securities chose JSE banks index, he says banks have had a good run since December
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