Directors dump shares

By Incorrect Author 9 October 2009

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.

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