Mark du Toit from OysterCatcher Investments chose Quilter as his stock pick of the day and Zwelakhe Mnguni from Benguela Global Fund Managers chose Polyus Gold.
Du Toit said: “I’m picking Quilter, it’s a UK wealth management business and they recently announced that they’re going to become a very UK-focused wealth management business and that they’re going to sell the international operation for about £450m, which is slightly higher than was estimated, and they indicated that they’re going to return that money to shareholders. They’re still busy with a current share buyback and they’re probably going to do a special dividend.”
Mnguni said: “I would probably take Polyus Gold. It’s a Russian gold miner and one of the lowest-cost producers in the world. I think the main reason is that when one looks at where we are in the equity market cycle, I mean there are areas of the market that are quite stretched that have created some risk of correction. And I think for portfolio insurance one needs to have some gold exposure and Polyus is one of the best gold producers by far in the world.”