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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.
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Title Annotation:Features
Publication:The Journal (Newcastle, England)
Date:May 17, 2003
Words:106
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