Resources stocks dominate market trades by directors
SHARES sales in a string of resources-related stocks highlighted directors' trades this week.
SHARES sales in a string of resources-related stocks highlighted directors' trades this week.Christopher Ellison, an executive director and founding director of mining services group Mineral Resources, topped the sellers' list. He sold a whopping $41 million of stock.The group's chairman and managing director, Peter Wade, recently sold $25 million of stock and non-executive director Mark Dutton collected about $6 million, which means the three directors have sold $72 million of stock at prices ranging from $12 to $12.83.The stock closed yesterday at $12.10, placing a value on Dutton's retained shares of nearly $327 million.Among miners, Gavin Thomas, the managing director of goldminer Kingsgate Consolidated, weighed in second on the disposals' list, collecting nearly $4.5 million.All up, the sellers disposed of about $83 million of stock, while the buyers spent about $5 million.Few heavyweight companies appeared on the buyers list an exception was Leighton Holdings.Non-executive board member Paula Jane Dwyer joined the Leighton board on New Year's Day and on March 20 she opened her shareholding account with the purchase of 2000 shares at $23.35.On Thursday, the group's chief, Hamish Tyrwhitt, said he was deeply disappointed by a deterioration in performance since the December 2011 quarterly reviews. Yesterday the scrip fell 84? to $21.32, its lowest price since mid-January. Oh for the days when former Leighton kingpin Wallace King was flogging stock. In calendar 2010 he disposed of nearly $21 million of stock at $32.72 a share. He ceased to be a director on December 31. By mid-April, the shares were down to $24.Elsewhere among the buyers, Wayne McCrae again bought some stock in CuDECO, an explorer, while Jennifer Hill-Ling returned as a buyer of Hill Holdings.Gary Weiss has been buying in a couple of listed companies recently, the most recent being a slab of stock in investment outfit Ariadne Australia. Fellow board member David Baffsky was also a buyer.Lyndsey Cattermole did a spot of averaging down in PaperlinX. In March last year she paid 45.5? a share. This week she increased her stake tenfold.Previously she held 226,510 shares but now is the proud owner of 2,248,790 shares. On Monday and Tuesday she spent a bit less than $200,000, paying 9.9? a share.Anyone who wants to piggyback Cattermole can do so at 8?.
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