Nick Kunze from Sanlam Private Wealth chose Absa as his stock pick of the day and Gary Booysen from Rand Swiss chose FTSE autocall

Kunze said: "Traditionally the banks have been under pressure for obvious reasons, we know the story... a slowing economy, concerns over the fiscal issues, competitor pressures etc. Stocks have come off quite a lot and out of the banking sector we tend to favour Absa. We think historically where valuations are currently, 8 PEs and dividend yields north of 7% I think this is offers very interesting entry into that sector looking for a bounce.

Booysen said: "It's called a FTSE 100 autocall, it's a five-year product and essentially the FTSE index is under pressure just because of Brexit. It's a lot cheaper than the US at the moment but it's got very good quality companies inside it. We like the index and what an auto call does is instead of just going and buying an ETF on the index essentially you're going to get 30% downside protection after five years. So, if the market ends 29% down, you get all your initial capital back. There's five observation points and and at each observation point if at any point the FTSE is positive (we're doing it off the two years specifically) so if the FTSE is positive after two years, you'll get at the moment and 9.5% US dollar coupon paid to you so that's roughly the average of the of the US market return and you've essentially got four chances to win. If after three years the FTSE is still down you just roll over and you've got another chance to win in the fourth year. If the FTSE is positive in that year then what will happen is you'll get paid 9.5% times four for the years and the product will close so essentially you're going to get a very similar return in US dollars. It's a US dollar predicted so even if the FTSE just stays positive your returns are in a better currency as well."