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Financials an attractive buy, says UBS
Posted on May 16, 2008
Financial stocks are providing some attractive buying opportunities, even through the TSX is already in record territory and trading at a premium to global markets, George Vasic, strategist at UBS says.Mr. Vasic says the TSX s forward price to earnings ratio now stands at about 14, a 10% premium to that for global markets, currently at 12.7. He says nine out of 10 sectors are outperforming their global peers. The reality, however, is that the Canada premium is pervasive, as nine of 10 sectors have higher forward multiples than their global peers, he said, with the exception of the consu...
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