AB Gold director buys second day in a row

published 4 August 2011

After entering the market on Wednesday, the finance boss of African Barick Gold Kevin Jennings has purchased shares for the second day in a row, bringing his total to 35,000, equal to a 0.0085% share in the company. Jennings bought 10,000 shares at 490.7p and the same amount at 495p. He has been a member of the board since August 2009 and has worked in a variety of senior positions within the mining industry over the past ten years. The company, which is Tanzania's largest producer of gold, recently reported a 54% increase in its net profit for the second quarter of the year, to $69.77m (£42.8m). Revenues soared by 39% to $311.76m, while operational cash flow improved to $186m, an increase of 18% on that for the first half of 2010. African Barrick recently indicated that it retains a positive outlook on the back of strong gold prices, despite economic conditions as a whole remaining uncertain. Gold is often valued as a safe investment in volatile times. The company recently indicated that all of its operating mines have performed in line with expectations for the first half of the year and announced that it has doubled its interim dividend to 3.2 cents per share.Top Director BuysAfrican Barrick Gold (ABG) Director name: Mr Kevin JenningsAmount purchased: 10,000 @ 495.00p Value: £49,500African Barrick Gold (ABG) Director name: Mr Kevin JenningsAmount purchased: 10,000 @ 490.70p Value: £49,070Anite (AIE) Director name: Mr Christopher HumphreyAmount purchased: 25,000 @ 63.50p Value: £15,875Sacoil Holdings (DI) (SAC) Director name: Mr Colin BirdAmount purchased: 250,000 @ 5.45p Value: £13,625Avisen (AVI) Director name: Mr Marcus YeomanAmount purchased: 200,000 @ 5.20p Value: £10,400