South African banking stocks are trading near their biggest discount to global emerging-market peers in 10 months and investors should buy them, says John Biccard, a Fund Manager at Investec Asset Management. “We think South African banks are safer than most of their peer group as they have not been invested in so-called toxic assets,” John Biccard, who has bought stocks of Standard Bank Group Ltd. and Absa Group Ltd. in the last three months, said in an interview today. “The gap between the local banks and the emerging-market banks isn’t justified.”
Investec Asset Management is a unit of Investec, owner of the fifth-largest bank in South Africa by assets. Read the rest of this entry »
