FUND MANAGERS UPBEAT ON ECONOMY

SOUTH Africa’s fund managers believe their country will escape the global economic slowdown unscathed, with 83% surveyed by Merrill Lynch predicting stronger growth this year. The poll also found that a net 96% predicted a favourable corporate earnings outlook over the next 12 months. The fund managers said they remained strong buyers of financial stocks in January and a net balance of 27% identified banks as their favourite domestic sector. Cyclical sectors dependent on the global economic cycle were out of favour while fund managers were bearish on most resource stocks. – Reuters