As the value rally gets into swing, the past week has seen a number of company directors take advantage of rising share prices to offload some stock.
There were three deals worth over £1 million, with the biggest involving tenpin bowling operator Ten Entertainment (TEG) and one of its non-executive directors, Christopher Mills.
Mills this week sold 710,000 shares at 206p each, netting a total of around £1.46 million.
The sale comes after a big revival in the company’s share price over the past month after positive data from a number of phase three coronavirus vaccine trials triggered a rally in value stocks, the hope being that the imminent rollout of a vaccine could see the economy reopen again and spark a recovery in earnings, particularly among the hard hit leisure and travel firms.
Ten Entertainment’s shares have risen over 60% this month.
Another director taking advantage of the value rally has been John Charlton, a non-exec at greeting cards firm IG Design (IGR:AIM).
The company’s shares started November at around the 408p mark, but have gained over 30% in November to around 580p, the price at which Charlton offloaded 200,000 shares in a transaction worth over £1.1 million.
In the other deal of the week worth over £1 million, Jeremy Wilson, the outgoing chief financial officer at music and audio products firm Focusrite (TUNE:AIM), sold 105,000 shares at 956p each in a transaction totalling just above the £1 million mark.
Focusrite shares have done this well this year and are up significantly year-to-date with the firm being a lockdown winner, having delivered a number of earnings upgrades.
RECKITT BENCKISER, SPIRENT BOSSES BUY IN
Meanwhile on the more quality end of the spectrum, several directors at consumer goods giant Reckitt Benckiser (RB.) have been buying the company’s shares.
CEO Laxman Narasimhan bought around £500,000 worth at £63.29 each, while non-exec Chris Sinclair snapped up £250,000 worth of shares at £67.19 each.
The company has unsurprising seen strong demand for its cleaning products during the pandemic, but since hitting a peak of £79.60 its shares have fallen back to around the £66 mark.
While Paula Bell, chief financial and operations officer at telecommunications testing company and 5G play Spirent Communications (SPT), bought 50,000 shares at 257p each in a deal worth around £128,000.
For a full list of the week's most significant trades, click here.