Market Wrap - Stock pick — JP Morgan
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Graeme Franck from PSG Wealth Sandton Grayston chose JP Morgan as his stock pick of the day.
"JP Morgan came out with numbers on Wednesday and the market was expecting them to be poor, the consensus estimate was $1 for the quarter they came out with $1,30 which is a massive increase relative to consensus. The share price peaked at R140 just a few months ago and it's now R98 and with a PE of around 13 times. I was surprised just how as resilient those earnings were yesterday and I think if we see a rebound and the elections in the US go the right way, certainly the US banks and in particular JP Morgan will do very well."
"JP Morgan came out with numbers on Wednesday and the market was expecting them to be poor, the consensus estimate was $1 for the quarter they came out with $1,30 which is a massive increase relative to consensus. The share price peaked at R140 just a few months ago and it's now R98 and with a PE of around 13 times. I was surprised just how as resilient those earnings were yesterday and I think if we see a rebound and the elections in the US go the right way, certainly the US banks and in particular JP Morgan will do very well."
