Stock Watch - Stock Picks —Shoprite and oil
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Wayne McCurrie from FNB Wealth & Investments chose Shoprite as his stock pick of the day and Gary Booysen from Rand Swiss chose oil.
McCurrie said: "I'm going to go back to an old favourite and a good old domestic SA Inc. stock - called Shoprite. I think we are at the bottom and the future must be better than the past and economic growth rate will pick up and things will start to look a little bit rosier here and if you put up a long-term price chart on Shoprite it has come back a long way."
Booysen said: "Brent crude prices are under a huge amount of pressure, what happens now is if you look at the potential downside in oil and if the oil prices fall any further you're going to see a lot of the production going offline and you're naturally going to see a contraction in supply and that is putting a bit of a floor under the oil prices for us. At the same time you are seeing tensions escalate in the middle east, if you see more carriers and attacks you could quite possibly see a kick on oil price."
McCurrie said: "I'm going to go back to an old favourite and a good old domestic SA Inc. stock - called Shoprite. I think we are at the bottom and the future must be better than the past and economic growth rate will pick up and things will start to look a little bit rosier here and if you put up a long-term price chart on Shoprite it has come back a long way."
Booysen said: "Brent crude prices are under a huge amount of pressure, what happens now is if you look at the potential downside in oil and if the oil prices fall any further you're going to see a lot of the production going offline and you're naturally going to see a contraction in supply and that is putting a bit of a floor under the oil prices for us. At the same time you are seeing tensions escalate in the middle east, if you see more carriers and attacks you could quite possibly see a kick on oil price."