Imtiaz Suliman from Sentio Capital chose Absa as his stock pick of the day. “I chose Absa and it’s largely based on them opening their taps now as they are trying to grow their book. They were constrained with the Barclays relationship where risk was dialled down. Now they have the freedom to write risk on their own without the Barclays oversight, which will give them much better growth in terms of loans and allow them to compete on an even footing with the other banks. They’ve lost a lot of market share over the last few years and they’ve been easy picking for the other banks, but I think that their losses are stemmed to some extent and, at these levels, they’re offering good value.”
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