| CATEGORY: DEALINGS ROUND-UP SECTOR: FINANCIAL SERVICES |
London Stock Exchange chairman buys despite technical glitch |
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Thu 26 Nov 2009
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LONDON (SHARECAST) - London Stock Exchange chairman Chris Gibson-Smith decided to add to his stake on the day that the London Stock Exchange’s trading facilities were unavailable for more than three hours. He spent just under £100,000 on shares at 769.85p a share. That takes his stake in the London Stock Exchange to 63,757 shares. The market price was soon well below that level as the shares dived on the back of the technical problems and fears about Dubai debt.
Dubai World and its subsidiary Nakheel are seeking a debt standstill ahead of a restructuring. Dubai World, which is run by the state, has $59bn of liabilities, its subsidiary Nakheel said in August, but the immediate concern is a $3.5bn bond taken out by Nakheel and maturing on 14 December.
Borse Dubai owns 20.6% of the London Stock Exchange. There are worries about what will happen to this stake given the problems in Dubai.
This is not the London Stock Exchange’s only problem. Competition is getting fiercer.
The London Stock Exchange’s first half pre-tax profit was hit by increased competition and lower trading volumes. Profit before tax fell to £79.4m in the six month ended 30 September compared with £127m in the previous year on revenue down 9% at £310.9m.
Average daily UK equity value traded dropped 16% compared to the second half of the previous year, while the volume of trading in its derivatives markets were 15% better.
Broker Merrill Lynch thinks the exchange is likely to lose more market share before new technology developments arrive to halt the decline.
Top Director Buys
Quintain Estates & Development (QED)
Director name: Mr William Rucker
Amount purchased: 248,254 @ 80.60p
Value: £200,093
London Stock Exchange Group (LSE)
Director name: Dr Christopher S Gibson-Smith
Amount purchased: 12,989 @ 769.85p
Value: £99,996
Homeserve (HSV)
Director name: Mr Barry Gibson
Amount purchased: 4,825 @ 1,602.00p
Value: £77,296
Atkins (WS) (ATK)
Director name: Dr Dr Krishnamurthy Rajagopal
Amount purchased: 10,000 @ 606.00p
Value: £60,600
Atkins (WS) (ATK)
Director name: Mr Keith Clarke
Amount purchased: 10,008 @ 595.85p
Value: £59,633
CLS Holdings (CLI)
Director name: Mr Sten A Mortstedt
Amount purchased: 12,358 @ 452.84p
Value: £55,962
NetDimensions (NETD)
Director name: Mr Jay Shaw
Amount purchased: 245,000 @ 15.00p
Value: £36,750
Barratt Developments (BDEV)
Director name: Mr Clive Fenton
Amount purchased: 26,057 @ 115.13p
Value: £29,999
GB Group (GBG)
Director name: Mr Richard Law
Amount purchased: 152,450 @ 19.36p
Value: £29,514
Barratt Developments (BDEV)
Director name: Mr David Thomas
Amount purchased: 25,000 @ 114.79p
Value: £28,698
Top Director Sells
Jardine Matheson (Singapore) (JAR)
Director name: Mr E P K Weatherall
Amount sold: 90,000 @ $30.15
Value: $2,713,086
Jardine Matheson (Singapore) (JAR)
Director name: Mr Adam Phillip Charles Keswick
Amount sold: 90,000 @ $30.15
Value: $2,713,086
Jardine Matheson (Singapore) (JAR)
Director name: Mr Benjamin William Keswick
Amount sold: 90,000 @ $30.15
Value: $2,713,086
Jardine Matheson (Singapore) (JAR)
Director name: Mr Simon L Keswick
Amount sold: 90,000 @ $30.15
Value: $2,713,086
Big Yellow Group (BYG)
Director name: Mr Nicholas Vetch
Amount sold: 587,195 @ 368.00p
Value: £2,160,878
Reckitt Benckiser Group (RB.)
Director name: Mr Colin R Day
Amount sold: 60,000 @ 3,220.00p
Value: £1,932,000
Big Yellow Group (BYG)
Director name: Mr Nicholas Vetch
Amount sold: 388,000 @ 368.00p
Value: £1,427,840
Sainsbury (J) (SBRY)
Director name: Mr Roger Burnley
Amount sold: 165,000 @ 333.00p
Value: £549,450
Big Yellow Group (BYG)
Director name: Mr James Gibson
Amount sold: 124,334 @ 368.00p
Value: £457,549
Carillion (CLLN)
Director name: Mr David Hurcomb
Amount sold: 30,895 @ 300.00p
Value: £92,685
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