OLD MUTUAL RECEIVING MAJOR SUPPORT - Marc Ashton

Mon, 04 Aug 2008

Money managers are putting their investment dibs behind OLD MUTUAL ahead of the group's interim results announcement without quite dismissing fears the insurer's share price could disappoint again. "The problem with OLD MUTUAL is that it always looks cheap but keeps getting cheaper," one insurance analyst said. The JSE's financial sector has been punished lately on the back of poor equity performances, a view coloured by pain felt by banks and insurance companies internationally. MUTUAL AND FEDERAL has shed 39% since January with OLD MUTUAL losing 38% of its value on the JSE over the same period. The LIBERTY GROUP fared little better giving up 28% while SANLAM'S share price is 23% lower. DISCOVERY and METROPOLITAN HOLDINGS lost 21%. M&F is due to report interims while last week it is OLD MUTUAL'S chance to impress shareholders.