Denham's London Capital stake nears 16%

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.

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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