5 Best African Stocks to Buy Now

4. AngloGold Ashanti Limited (NYSE:AU)

Number of Hedge Fund Holders: 13

AngloGold Ashanti Limited (NYSE:AU) is another gold mining company based out of Johannesburg, South Africa. The company is at the fourth position on our list of the ten best African stocks to buy now.

Although AngloGold Ashanti Limited (NYSE:AU) completed the disposal of its South African operations in September 2020, it still has a significant presence in the African continent through its five operations. These operations are centered in the Democratic Republic of Congo (DRC), Ghana, Guinea, and Tanzania.

In a research note issued to investors on November 23, Abhi Agarwal at Deutsche Bank increased the price target on AngloGold Ashanti Limited (NYSE:AU) from $16 to $20 and maintained a Buy rating on the stock. The analyst firmly believes that the supply from the mining companies would not be enough to fulfill the ramped-up demand. AngloGold Ashanti Limited (NYSE:AU) is expected to increase production and be a beneficiary of the rising demand in the coming quarters.

Of the 920 hedge funds in Insider Monkey’s database, AngloGold Ashanti Limited (NYSE:AU) was held by 13 hedge funds as of Q3 2022.