News that Cable & Wireless Communications' chief executive bought shares in the company the day it released disappointing results has sparked a recovery in the telecommunications company's share price.
Tony Rice spent nearly £500,000 on shares yesterday taking 1m shares at 49.7p a time, the company announced today.
That helped sparked a rally in the shares, which were hurt yesterday when the company announced a dip in profits in the half year to September 30 against what it described as a 'mixed economic backdrop' across the exotic regions it serves.
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Rice was appointed as chief executive of Cable & Wireless Communications in January ahead of its demerger from Cable & Wireless in March.
Pre-tax profits fell to $204m from $223m even as revenues rose to $1.16bn from $1.13bn.
Trading was strong in Macau and Monaco, but weakness in the Caribbean continued to 'negatively affect' trading.
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