LONDON -- After it crashed 24% in the wake of overnight sanction-busting allegations from the New York Department of Financial Services, it wasn't much of a surprise to discover Standard Chartered
Focused heavily on overseas markets -- and especially fast-growing emerging markets -- Standard Chartered has long been a relatively pricey pick among banks, having had little exposure to the combined taint of subprime mortgages and staggering Western economies. No longer.
As of this morning, Standard was offering a P/E of nine and a yield of 4.3%. Accordingly, investors piled in, with the ratio of shares bought outnumbering shares sold by six to one. Heck, I fancied a dabble myself (but decided against it).
Nor was the second-most popular share purchase much of a surprise. In recent days, banks have continued to be popular buys among the broker's private clients, and as Barclays
In contrast, Royal Bank of Scotland
Completing the banking theme, Lloyds Banking Group
Will they be disappointed? Time will tell.
Finally, what are super-investors Neil Woodford and Warren Buffett buying today? We can't tell you that, but we can tell you the names of the shares that they've bought in the recent past and why they bought them.
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Investing ideas from Malcolm Wheatley: