The finance boss of Wolseley, the supplier of goods to the plumbing and heating trade, demonstrated his confidence in the company's resurgence with the purchase of £150,000 in shares.
John Martin, who joined Wolseley in February, bought 10,121 shares at 1,482p a go, his first purchase of shares in the company, whose British brands include the Plumb Center and the Pipe Center.
Despite the spellings, these brands do not operate in North America, where the company also has strong exposure through businesses such as Wolseley Plumbing Group. Wolseley was hit hard by the housing downturn on both sides of the Atlantic, but the shares have enjoyed a good run lately.
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
The company announced on Monday that it would resume dividend payments now that trading has improved.
Although revenue for the year to 31 July fell 9%, or 10% in constant currency terms, to £13.2bn from £14.4bn the year before, this was above the market consensus of £13.1bn, while the fourth quarter saw an encouraging 4% gain in like for like sales.
The shares have already advanced following Martin's purchase, closing at 1,590p.
Top Director Buys
Wolseley (WOS) Director name: Mr John W MartinAmount purchased: 10,121 @ 1,482.00p Value: £149,993
Symphony International Holdings (SIHL) Director name: Mr Anil ThadaniAmount purchased: 133,886 @ $0.68 Value: $91,042
London Stock Exchange Group (LSE) Director name: Mr Doug WebbAmount purchased: 11,467 @ 705.06p Value: £80,849
Supergroup (SGP) Director name: Mr Ken McCallAmount purchased: 5,000 @ 1,183.00p Value: £59,150
CLS Holdings (CLI) Director name: Mr Sten A MortstedtAmount purchased: 2,860 @ 509.50p Value: £14,572
Game Group (GMG) Director name: Mr Ian ShepherdAmount purchased: 25,000 @ 57.45p Value: £14,362
Logica (LOG) Director name: Mr Frederic RoseAmount purchased: 10,526 @ 126.80p Value: £13,347
Hampson Industries (HAMP) Director name: Mr Stephen HenwoodAmount purchased: 29,500 @ 34.87p Value: £10,287
Top Director Sells
-
Bitcoin hits new heights - is now a good time to invest?The value of Bitcoin has surged to a 20-month high. Why is Bitcoin rising and is now a good time to invest?
-
Gold hits record high - could it soar higher next year?
The yellow metal has hit a new all-time high. We look at market expectations for 2024, whether investors should sell and take profits, and how to invest in gold.
