WATCH: Stock pick — Old Mutual

Robert Cameron from Thebe Stockbroking chose Old Mutual as his stock pick of the day.

The financial services company announced on Friday that the scheme of arrangement had been approved by the UK courts, which meant that the managed separation of its businesses would go ahead.

“Investors are going to get Old Mutual Ltd, which will be the sub-Saharan African part of the business, and then Quilter, which is the UK-based asset manager, and then later in the year it is expected that Nedbank shares will be three to the tune of every 100 Old Mutual Ltd that are held,” said Cameron.