FOUR directors of Telstra have emerged as buyers following recent weakness in the scrip.
Now, it wasn't as if the non-executive board members of the telco spent a fortune but at least they flew the flag.
Chairman Catherine Livingstone and non-executive director Nora Scheinkestel were first into the market, paying $2.75 and $2.73 respectively.
Geoffrey Cousins bought 10,000 shares, paying $2.81.
David Thodey well and truly outspent them, buying 100,000 shares at $2.76.
None of them got anywhere near last week's $2.55 low; the stock closed the week at $2.85.
By week's end, the overall buying tally was $4.9 million, compared with $15.2 million collected by sellers.
Buying of shares in heavyweight companies picked up this week.
Since Donald Argus departed the BHP scene, there hasn't been a great deal of activity by non-executive directors. But stepping up to the plate was Carolyn Hewson who spent $65,000. She paid $43.17 a share.
Following recent weakness in Billabong, chief executive Derek O'Neil topped the buyers' list.
Little more than one year ago, he was selling stock at $10.79, now he's buying at $8.63. That's the way to do it.
Elsewhere, one Zygmunt Switkowski did some useful buying in Suncorp-Metway, boosting his stake by more than 50 per cent. And Garry Hounsell showed some confidence in DuluxGroup when he spent $136,500. He presumably has some spare cash as he recently accepted the takeover for Mitchell Communications. More than $2 million would have flowed his way.
And down in small-cap land, Jeffrey Kennett who doesn't have a large portfolio of listed company directorships boosted his stake in Jumbuck Entertainment.
The one-time premier put 250,000 shares into his superannuation fund at 15? apiece, around its lowest price for many a long day.
On the selling side, the action was limited.
Peter Wade collected a handy $10 million when he peeled off 23 per cent of his stake in Mineral Resources at $10.10 a share. A bit less than a year ago he banked similar sorts of money when he sold shares at $6.75.
Christopher Morris of Computershare was again selling some stock, to wit, $1.6 million worth. He noted that notice of one of his sales was a little tardy due to limited email access. He has ordered his broker to send a secondary confirmation to his office in future.
Frequently Asked Questions about this Article…
Which Telstra directors recently bought shares and what did they pay?
Four Telstra directors bought stock after recent weakness: chairman Catherine Livingstone paid $2.75, non‑executive Nora Scheinkestel paid $2.73, Geoffrey Cousins bought 10,000 shares at $2.81, and David Thodey bought 100,000 shares at $2.76.
Did Telstra directors buy near the stock's recent low?
No — none of the directors purchased near last week’s low of $2.55; the stock closed the week at $2.85.
How much buying and selling occurred in the market that week?
By week’s end the overall buying tally was $4.9 million, compared with $15.2 million collected by sellers.
Which other heavyweight company directors were buyers and what trades did they make?
Carolyn Hewson bought $65,000 worth of BHP shares at $43.17. Zygmunt Switkowski increased his stake in Suncorp‑Metway by more than 50%. Garry Hounsell spent $136,500 on DuluxGroup shares and had recently received proceeds from a Mitchell Communications takeover.
What insider buying happened at Billabong and how does it compare to a year ago?
Billabong chief executive Derek O’Neil topped the buyers list, purchasing at $8.63 a share after previously selling at $10.79 a year earlier.
Were there notable small‑cap director purchases?
Yes — former premier Jeffrey Kennett boosted his stake in small‑cap Jumbuck Entertainment by putting 250,000 shares into his superannuation fund at around '15?' apiece, which the article notes was near the stock’s low.
Who were the main sellers that week and what did they sell?
Peter Wade sold 23% of his stake in Mineral Resources at $10.10 a share, collecting about $10 million. Christopher Morris of Computershare sold roughly $1.6 million worth of stock.
Why was one of Christopher Morris’s sales notices late?
Christopher Morris said one sale notice was a little tardy because of limited email access; he instructed his broker to send a secondary confirmation to his office in future.
Call 1300 880 160
Start a chat
Schedule a call
