Anglo American chairman Sir John Parker has bought £97,000 worth of shares in the mining giant but this did nothing to stop the share price sliding further after last week's results and deal with Lafarge.
Sir John bought 3,000 shares at £32.38 each on Monday but the share price closed at £31.85.
Anglo American is merging its UK cement, aggregates and ready-mixed concrete business Tarmac with French giant Lafarge's UK operations - this is a 50:50 joint venture. The combined sales of the two businesses in 2010 were £1.8bn and earnings before interest, tax, depreciation and amortisation (EBITDA) was £210m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Anglo American almost doubled profits in 2010 thanks to surging metals prices. Underlying earnings jumped to $4.98bn last year from $2.57bn in 2009 on revenue up 34% to $32.93bn. Profit before tax rose 171% to $10.93bn and underlying earnings per share of $4.13 was better than expected.
A final dividend of 40 cents a share took the total payout to 65 cents.
Top Director Buys
Reconstruction Capital II Ltd. (RC2) Director name: Mr Ion Alexander FlorescuAmount purchased: 300,000 @ €0.62 Value: €187,500
Anglo American (AAL) Director name: Sir John ParkerAmount purchased: 3,000 @ 3,238.00p Value: £97,140
AdEPT Telecom (ADT) Director name: Mr Dusan LukicAmount purchased: 25,000 @ 40.00p Value: £10,000
Top Director Sells
-
Parental contributions to kids' university living costs could reach £14,000 a yearParents helping kids with university living costs face contributions of up to £14,000 per year, according to a report from HEPI and TechnologyOne.
-
Rightmove: property asking prices hit record highNews Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
