Old Mutual oml now on the base line of an uptrend channel looks like it can do well over the months to come on the back of the rising optimism for financial stocks.

As resistance at 105p first and then 135p to negotiate.

Lower indicators RSI and ATR look positive.

Old Mutual hikes H1 profit

OML

06/08/2015


StockMarketWire.com

Old Mutual/ has booked an H1 pretax profit of £683m, from £564m. Revenue was £1.59bn, from £1.62bn. Interim dividend was 2.65p a share, up 8% on the year. Funds under Management totalled £335.7bn, up 5% on the year.

CEO Julian Roberts commented:

"This has been an exceptional six months for Old Mutual. Last year, we reallocated significant capital to buy quality businesses in our core markets. This year is about ensuring that these investments are fully integrated and making the returns we expect. We have an absolute focus on achieving this, while being a responsible business.

"Our businesses in South Africa continue to perform very well in the context of challenging economic conditions in large emerging markets. Old Mutual in South Africa grew profits by 14%, Nedbank grew its headline earnings by 16% and we are making good progress on these businesses working more closely together.

"Old Mutual's Rest of Africa businesses are growing strongly, with profits up 31%, and Nedbank's Rest of African division has seen very significant growth through the acquisition of a 20% stake in ETI.

"In the UK, we are seeing further proof that we have the right business model and believe we will be a net beneficiary from the ongoing reform in the pensions market.

"Pressure to deliver full access to pension freedoms, including drawdown for beneficiaries of a pension, creates additional opportunities for Old Mutual Wealth as one of the leading retail investment businesses. Nevertheless, I believe that the Government must balance pension liberalisation with the need for individuals to save for their retirement.

"This is the last set of results I will present as Group Chief Executive of Old Mutual. I am delighted to be able to pass on the stewardship of the Group to my successor when it is in such robust health.

"While we expect the next six months to be challenging for emerging markets, and exchange rate movements will likely temper sterling reported growth, I am confident that by remaining focused on meeting our customers' needs and improving the operating efficiencies of the business we will continue to make good progress."



Story provided by StockMarketWire.com

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Taking a pasting today no news out that I can see.
2517

Must be the weakness of the Rand v $
2517

ONDON (ShareCast) - (ShareCast News) - Shares (Berlin: DI6.BE - news) in Old Mutual (Other OTC: ODMTY - news) , which generates a large chunk of its profits from South Africa, slumped on Thursday as a broker downgrade and weaker rand weighed on the stock. The rand fell near it lowest level against the dollar since 1971 after South Africa's president unexpectedly sacked finance minister Nhlanhla Nene.
RBC Capital Markets downgraded its stance on the stock to 'underperform' from 'sector perform' and cut the price target to 180p from 200p.
It (Other OTC: ITGL - news) said dual-listed Old Mutual is a complex group with significant currency exposure and the bank has concerns around investors' attitude to the Solvency II coverage ratio, which it expects will be towards the lower end of the peer group.
"In Africa, Old Mutual has significant growth opportunities, but the foreign-exchange headwind of such significant exposure to the rand will hold back the share price," said RBC (Other OTC: RBCI - news) .
At 0937 GMT, shares in Old Mutual were down 5.9% to 183.90p.

Thanks Fred, I did see the finance minister had been sacked on the morning news and the Rand was weak v $, fall continued and looks overdone BWDIK.
2517

Old Mutual responded to weekend press speculation with anything but clarity on Monday, releasing a short statement to the market.

The FTSE 100 insurance and finance group was said by numerous Sunday newspapers to be planning a £9bn split into numerous standalone companies, which could lead to a takeover battle for some of its biggest operations.

On Monday, the company said all options for its future were being considered as part of the strategic review announced when chief executive Bruce Hemphill in November last year, but no decision had yet been made.

Finals http://www.moneyam.com/action/news/showArticle?id=5231367

What's going on here - looks incredibly weak. I'm getting tempted

I find this share a b, to judge.

Expecting 220 but never getting it.


Zut.

Support at 191p then buy it?

I'm more tempted around 180p but can't understand it's weakness in relation to it peers.

I shall wait for the moment