Insurer Old Mutual said on Wednesday that it would scrap its dividend in 2009 to preserve cash while its 2008 statutory profit fell 38%.
Old Mutual has declined to comment on a weekend report that it is planning to offload its 53% holding in South Africa’s Nedbank.
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/ 14 October 2008
INVESTMENTS: You need to understand the costs involved in moving investments, writes Maya Fisher-French.
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/ 30 September 2008
A joint venture illustrates how BEE partnerships can be implemented successfully, writes Maya Fisher-French.
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/ 10 September 2008
UK-listed Old Mutual said on Wednesday it was not looking to sell its US life business after announcing a further -million in writedowns.
London-listed financial services group Old Mutual weathered the turbulent global market conditions in the first half of the financial year.
Figures released this week will give the monetary policy committee a lot to talk about, writes
Maya Fisher-French.
Changing jobs could cost you R300 000 in medical funding, so when changing jobs you also need to find out what risk benefits your new employer offers.
Should cash from retirement funds be made readily available for major financial need?
The Out of the Box Environmental Education Programme has learners and teachers across the country literally thinking outside the box.
South African stocks were lower at midday on Tuesday, pressured by below-forecast gross domestic product (GDP) data, which showed that the quarterly economic growth rate slowed to 2,1%, traders said. At 12.02pm, the all-share index was down 0,71%. Resources fell 1,01%, while the gold- and platinum-mining indices were off 0,42% and 0,72% respectively.
The JSE extended losses at midday on Friday as profit taking-induced selling on resources offset modest gains among banks and financials, traders said. At 12.03pm, the JSE’s all-share index was down 1,24%, weighed by a 1,75% drop in resources. The gold mining index was off 0.18% but the platinum mining index added 0,17%.
The JSE hit a fresh record high on Thursday, buoyed by miners on firm commodity prices and a weaker rand, but overall the mood was dampened by global inflation worries due to the rising oil price. At noon, the JSE’s all-share index was up 0,98% at 33 230,590 after earlier touching a fresh all-time high of 33 309,820.
South African stocks were slightly lower at midday on Wednesday, but off the worst levels as commodity stocks posted modest gains on higher prices. At 11.58am, the JSE’s all-share index was down 0,13%. Resources were up 0,23%, the gold mining index was fairly flat at +0,03%, but the platinum mining index lost 0,47%.
The JSE was taking a breather on Tuesday after its recent strong rally, which took the bourse to successive record highs, as some profit-taking set in. However, earlier the all-share index hit yet another fresh record high when it touched 33 263,148. At noon, the JSE’s all-share index was down 0,88%.
South African stocks hit another fresh high on Friday morning, boosted by strong gains for resources. At 11.56am, the all-share index was up 0,82%, boosted by a 1,48% rise in resources and a 2,06% gain for the platinum-mining index. Banks were up 0,37% and financials were 0,61% better. Industrial were flat (-0,03%) and the gold-mining index eased 0,80%.
After opening firmer on Friday morning, the JSE had given up its gains by midday and was trading 125 points in the red. A local trader said that after the all-share index posted an all-time high of 32 440,9 earlier, the market saw some profit-taking, particularly in the resources stocks.
Resources stocks were the main feature of the JSE by midday on Thursday, with the overall market generally flat following an overnight decline on Wall Street. At 11.56am, the JSE’s broader all-share index was up 0,12%, helped by a 1,1% rise in resources, 0,89% advance in the gold mining index and a 0,39% rise in the platinum mining index.
Nedbank increased first-quarter net interest income by 21,9% to R3,87-billion but said it expected slower first-half earnings growth. Shares in Nedbank stood 1,59% down at R111,50 by 7.18am GMT on Wednesday, underperforming the JSE Securities Exchange’s Top-40 index which was 0,27% weaker.
South African stocks hung on to earlier gains at noon on Monday, supported by firmer overseas markets, but the stronger rand and faltering gold prices restricted gains, traders said. By midday on Monday, the JSE’s broader all-share index was 0,77% in the black. Resources were up 1,21%, the platinum-mining index advanced 0,34% but the gold-mining index fell 0,70%.
The JSE remained firm by midday on Thursday, but with very light volumes being traded as investors remained edgy ahead of the rates announcement next week, a dealer said. By midday, the JSE’s broader all-share index had gained 0,53%. Resources were up 1,08%, the platinum-mining index lifted 1% and the gold-mining index added 0,92%.
Strong closes on Wall Street overnight and on Asian markets on Wednesday morning, led by financial stocks, have inspired similar local counters to extend earlier gains. By noon on Wednesday, the JSE’s broader all-share index had gained 1,14%, as banks advanced 3,4%.
The parents of murdered Stellenbosch student Inge Lotz are suing her ex-boyfriend Fred van der Vyver for R4-million each, said Dani Cohen, spokesperson for the Lotz family on Monday. Van der Vyver was acquitted of the murder of Lotz. Juanita and Jan Lotz called Inge ”their sunshine child and an angel. She was the apple of their eye” said Cohen.
World markets continued to weigh on the JSE on Thursday — pushing the bourse down 0,93% by midday. At noon, the JSE’s bank index fell 1,87%, financials gave up 1,61% and industrials were 1,4% lower. The platinum mining index declined 1,41%, resources shed 0,38% but the gold mining index advanced 1,69%.
Banks and financials helped the JSE advance further by midday on Wednesday as they cheered the move by the United States Federal Reserve to raise liquidity in financial markets. At noon, the JSE’s broader all-share index had gained 1,35%. Financials collected 1,94%, while banks were up 1,67%.
Since September last year, divorcees have been able to receive a portion of their ex-spouse’s pension fund without waiting until retirement. But confusion about the taxation of these funds and whether divorce orders prior to the change in legislation qualify has meant that the payment has often not been made.
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/ 27 February 2008
The JSE moved southwards by midday on Wednesday due to profit-taking among financials as well as worse-than-expected consumer-inflation data. It was announced that the local consumer price index excluding mortgage rate changes (CPIX) for metro and other areas was up 8,8% year-on-year (y/y) in January, from 8,6% y/y in December.
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/ 27 February 2008
Nedbank Group, South Africa’s fourth-largest bank, said on Wednesday 2007 headline earnings per share rose 33,8% despite rising household debt, but it warned of increasing default rates. Nedbank, majority-owned by insurer Old Mutual, said 2007 headline earnings rose 33,5% to R5,921-billion as its retail and corporate units grew on higher investment in infrastructure.
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/ 19 February 2008
Looking at the options available to Finance Minister Trevor Manuel when he delivers his national budget in the National Assembly on Wednesday, the experts of the Old Mutual Investment Group reckon that he could have as much as R25-billion to play with. But how would he spend it?
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/ 18 February 2008
The newly established Isivande Women’s Fund is a step towards reducing poverty among women, Deputy President Phumzile Mlambo-Ngcuka said on Monday. Unveiling the fund logo to business and media at the presidential guest house in Pretoria, the deputy president said it will help mainly black woman entrepreneurs.
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/ 13 February 2008
South African stocks were slightly lower at midday on Wednesday as heavily weighted miners continue to falter on falling metal prices, while other investors refrained from making any large moves ahead of Wall Street opening. At midday, the broader all-share index had was off 0,18% at 28 533,810.
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/ 8 February 2008
Mutual & Federal’s full-year headline earnings per share (EPS) fell 15,5% after underwriting earnings at the South African insurer declined, the group said on Friday. Mutual & Federal, majority-owned by insurer Old Mutual, said headline EPS fell to 305 cents in the year to end December from 361 cents.