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Old Mutual shuns SA stocks

ONE of South Africa’s leading money managers, the Old Mutual Investment Group says it is time for increased caution as it significantly clips its exposure to SA equities, bracing itself for disappointing earnings.
Faced with a grim economic backdrop, rolling power cuts have increased production costs and weighed on companies’ profits, and bleak growth prospects.
Old Mutual Investment Group chief investment officer Siboniso Nxumalo said its equity funds are pointing to a looming recession, adding that we are living in a “growth shock” period. – Moneyweb