Cousins doubles Telstra stake

A COLLECTION of directors this week surfaced as buyers after earnings reports.

A COLLECTION of directors this week surfaced as buyers after earnings reports.

Two non-executive board members of Telstra bought shares after a 9 per cent earnings increase was released.

Geoffrey Cousins more than doubled his stake, while Nora Scheinkestel topped up.

Telstra likes to think of itself as the very model of a modern corporate citizen and has a range of policies covering everything from sexual orientation to directors' share ownership.

Its guidelines call for non-executive directors to hold shares equal to at least half their annual fees.

Cousins has been on the board for six years, collected about $259,000 in fees last year and before this week had a Telstra stake worth about $148,000.

His share purchase on Tuesday cost $232,750, or $4.66 a share, compared with the $2.81 a share he paid for 10,000 shares back in 2010.

Elsewhere, various directors of Coffey International - operating in areas such as environmental services, consultant engineering and technical services to the mining industry - were all over the stock.

Five of the seven-member board bought shares at around 40¢.

Seven or eight years ago the stock was a market darling - hitting $5 - but in more recent times was fetching around 30¢.

Chairman John Mulcahy said the other day that the turnaround of the business was on track and was well placed to deliver sustainable earnings growth.

The scrip has improved 21 per cent since the interim result.

Donald McGauchie was a buyer of shares in Australian Agricultural Co after recent positive comments from the biggest cattle producer in Australia.

On the investment company front, Bruce Ballantine Teele once again was a seller and Robert Patterson, from Argo Investments, also sold stock.

Mark Newman, a director of K2 Asset Management, was a seller.

Hills Holdings has continued to recover from a share price selloff last year; chairman Jennifer Hill-Ling bought after a near-halving of earnings before large write-offs.

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