London Capital Group's finance boss Simon Denham has taken his stake in the spread betting firm closer to 16% with the purchase of another 200,000 shares.
Denham, co-founder of financial spread betting unit Capital Spreads, paid £360,000 or 180p each, for the shares. He now owns 6.1m shares, or 15.7% of the company.
The move was enough to push London Capital shares above the £2 mark for the first time since mid-May. They hit a low of 150p in June, down from 330p 12 months ago.
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
Last week's results revealed adverse trading conditions in the second quarter and lower interest rates hit first half profitability.
Profit before tax for the first six months of 2009 fell to £3.33m from £5.43m a year earlier on revenue up to £12.95m from £12.51m.
The company attributed the profit decline partly to range bound markets and lower interest income on deposits, but said that there are reasons for optimism in the second half, 'specifically the expansion of our client base and client funds on deposit which have reached new highs and development and investment in a number of new products, all of which should assist in enhancing earnings over the medium term.'
Top Director Buys
Value: £360,000
Value: £47,684
Value: $44,409
Top Director Sells
Value: £348,494
Value: £76,500
-
Barclays begins paying up to £100 compensation to customers after banking outageBarclays will pay up to £7.5 million in compensation to customers after its banking services were disrupted by an IT outage
-
Review: Shangri-La Paris – an ode to the world’s best foodNatasha Langan enjoys fine French and Chinese cuisine at the Shangri-La Paris
