I heard that Old Mutual has $ 85 million (I think) as an insurer in Dubai - and that when asked for comment - Old Mutual was not available for comment - the question is - this amount - percentage wise - how big is it?
I might be wrong ,but am still holding the installment,showing a small profit at the moment,i see that they have hit new york with a new product,seem as if they have done their home work....see article moneyweb today.
I see OML is now making another offer to buy out the short term insurer.It might be more successful this time.Really a knee jerk reaction i think,but if u don't like volatility perhaps time to leave till things settle down.
I am also holding out long but took quite a nock today, don't know whether to walk away and wait until things settle. Can anyone give some traders insight..? I think the Dubai news just hit people hard but now with the low price maybe it is a good buying time which should push price up, along with positive NY ground coming up?
Some advise, I tracked US and JSE for about a 8 months then realised to much noise and they never seemed to influence each other to much. US ops are almost self funding if the new product/model is right and break even in about 3-5 years. SA/UK still main revenue stream for OML so unless US needs emergency funds it does not affect SA pricing much. Look at SA market and what fundamentals are weighing down if any. This overall correction is people squaring away profit before end of the week. Holiday season kicks into high gear next week so fewer people wanting money in the market if they dont have to......OMO