Printer Friendly

Currency rate hampers Old Mutual.

Financial services group Old Mutual warned yesterday that it does not expect a dramatic change in trading conditions, after currency fluctuations and stock market movements hampered performance.

The South African group, which runs the private client stockbrokers Gerrard (which has a Newcastle office) said trading in the first four months of this year followed similar patterns to those seen in the last quarter of 2002.

In a trading update the group said strong earnings growth in the US, as profit from sales made last year flowed through, was offset by lower profits in share-oriented businesses and the currency translation losses in its South African banking arm.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2003 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Features
Publication:The Journal (Newcastle, England)
Date:May 17, 2003
Previous Article:War and Sars claim 25pc of Hilton's profits.
Next Article:Supermarket puts bidding controversy behind it.

Related Articles
Dollar tops 124 yen in early Tokyo morning.
Money and financial markets.
YOUR money: BIZ BUREAU - Hit by a hamper damper; GET THE MOST FROM THE NET.
Australian debut for US consignor Taylor Made; BLOODSTOCK WORLD.
Behavioral finance.
LEAD: BOJ's Shirakawa shows reluctance to cut interest rates further.
Forex Market Update: New Zealand Dollar Rally Tempered Ahead of RBNZ Rate Decision.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters