Capital having nowhere else to go is contemplating going where its needed most. From CNBC

Africa share valuations are compelling and the region is ripe for investment, Graham Stock, chief strategist at Insparo Asset Management, told CNBC Thursday.

“Now is absolutely the right time [to invest in Africa],” said the Africa expert.

“Valuations are very attractive. We are talking about price-earnings ratios in the low single digits in some cases. There are some very attractive opportunities across a wide range of countries.”

Stock described Africa as one of the fastest-growing regions in the world, predicting growth of 5.5 percent to 6 percent in both 2011 and 2012.

He added that the continent’s growth prospects are relatively immune to the sovereign debt crisis in Europe, as growth is being driven by a combination of domestic demand (particularly from the expanding middle classes), “tremendous” resource endowment, and investment from China and India.