South Africa's manufacturing output grew 3.7%in January

South Africa's manufacturing output grew 3.7% year on year in January, disappointing analysts who had expected a sharper rise.

Compared with December, factory production fell by a seasonally adjusted 0.6%, Statistics South Africa said.

"That's a disappointing number, I even had a higher forecast than the market consensus," Elize Kruger, economist at KADD Capital, said.

• Old Mutual said it would sell its life unit and list its funds operation in the US as part of a strategic overhaul, disappointing investors who had hoped for a more far-reaching shake-up.

Old Mutual said it would also quit some markets altogether as it refocused on its most profitable businesses.

The company reported a 2009 adjusted pre-tax operating profit of £1.17-billion, up from £1.14-billion the previous year. (See page 4)

• Sasol reported a 51% drop in first-half earnings, hit by a strong rand and lower crude oil prices.

"Taking into account ... the continuing challenging economic conditions and our assumptions in respect of crude oil and product prices, tight refining margins as well as the stronger rand/US dollar exchange rate, we remain cautious in our outlook for the full year compared with 2009," it said. (See page 6)

• FirstRand expects business volumes to remain subdued after posting lower first-half profit as bad debts continue to hurt its corporate unit.

The banking group said diluted headline earnings per share for the six months to end-December fell 2% to 85.3 cents from 87.3 cents a year ago.

• Stock exchange operator JSE Ltd has called off a deal to buy a stake in the Mauritius bourse due to local regulatory concerns, it said.

The JSE reported a slip in headline earnings per share to 456.1 cents from 456.9 cents in 2008.

• Metropolitan Holdings posted lower 2009 profit after more consumers defaulted or cancelled life insurance policies and the value of its investment assets dropped.

The country's fourth-biggest insurer said diluted core headline earnings per share for the year to end-December fell 7% to 141 cents from 151 cents in 2008.

• MTN aims to add 20 million new users in 2010 after 2009 earnings were depressed by currency movements despite strong growth in key markets in Nigeria and Iran. MTN said adjusted headline earnings per share for the year to end-December dropped by 16.6% to 754.3 cents.

"Movements in exchange rates in the year had a substantially negative impact on the group's financial results," said Phuthuma Nhleko, who will step down as MTN CEO and group president in March 2011.