Optimism in big players’ buys
A clutch of stocks that have been falling to earth and hitting 52-week lows have attracted some support from directors. Fleetwood Corporation has been particularly harshly dealt with and is now fetching $2.33 compared with $10.66 earlier this year.
The manufactured accommodation group – which services the mining and education sectors – encountered weak trading conditions in all of its key markets during the past year.
This one-time sharemarket darling – a 13-bagger between 2001 and 2010 – reported 2012 earnings of $12.5 million ($53 million, previously). Last month, shareholders were told current half earnings would be lower and second-half figures higher.
John Bond, who joined the board in March, dipped his toe in the water, paying $2.39 a share.
Goldminer Troy Resources has been put through the wringer, falling from $4.08 to as low as 88¢.
Various directors have bought recently, including Robin Parish and John Jones.
Retailer OrotonGroup has halved in recent months. Eddie Chieng bought some shares and new managing director Mark Newman is now on the share register with a $10,069 acquisition.
Brambles chief Thomas Gorman was a seller ahead of the demerger of Recall Holdings, the group’s information management business.
Recall’s managing director, Douglas Pertz wasted no time getting his foot on some scrip – not shown on the accompanying table – buying 50,000 shares at $4.35 on the first day of trading. The shares closed yesterday at $4.15.
And from the recent-history-department, GUD Holdings yesterday said its first-half results might be about 30 per cent lower.
Managing director Jonathan Ling about 20 days ago opened his account, paying $5.76 a share. Yesterday the scrip fell nearly 12 per cent to $4.73 before closing at $5.15.