Executives have been dumping shares at a vast rate, suggesting either growing pessimism about the short-term future of the stock market or the need for some cash to pay the taxman. Moneyweb reports that sellers outnumbered buyers 52-to-25 among directors dealing in their own company shares in the second half of September. They sold into one of the JSE's strongest rises on record. Business Report notes one particularly interesting sale: chief operating officer of MTN Sifiso Dabengwa has sold shares worth R38.2 million at an average price of R129.35. This seems high, but actually, it’s not even close to the biggest sale. That prize goes to Michael Lewis, the biggest individual seller in late September, who offloaded Foschini shares worth R100m in four deals from 17 to 30 September. In the second biggest deal Sean Melnick, CEO of Peregrine Holdings sold shares worth R36.5 million. Alwyn Martin, a director of silica and anthracite producer Petmin, is reflected as having sold shares worth R30m, Moneyweb reports.
While we have your attention...
An increasingly rare commodity, quality independent journalism costs money - though not nearly as much as its absence.
Every article, every day, is our contribution to Defending Truth in South Africa. If you would like to join us on this mission, you could do much worse than support Daily Maverick's quest by becoming a Maverick Insider.
Click here to become a Maverick Insider and get a closer look at the Truth.
Adolf Hitler was the first European leader to ban human zoos.