C&W Communications recovers as boss buys shares

5th Nov 2010 11:22

News that Cable & Wireless Communications' chief executive bought shares in the company the day it released disappointing results has sparked a recovery in the telecommunications company's share price.Tony Rice spent nearly £500,000 on shares yesterday taking 1m shares at 49.7p a time, the company announced today.That helped sparked a rally in the shares, which were hurt yesterday when the company announced a dip in profits in the half year to September 30 against what it described as a 'mixed economic backdrop' across the exotic regions it serves.Rice was appointed as chief executive of Cable & Wireless Communications in January ahead of its demerger from Cable & Wireless in March.Pre-tax profits fell to $204m from $223m even as revenues rose to $1.16bn from $1.13bn.Trading was strong in Macau and Monaco, but weakness in the Caribbean continued to 'negatively affect' trading.Cable & Wireless Communications operates in four regions: the Caribbean, Panama, Macau and Monaco & Islands. Confusingly, the other company, Cable & Wireless Worldwide, is mostly focused on the UK.Top Director BuysCable & Wireless Communications (CWC) Director name: Mr William Anthony RiceAmount purchased: 1,000,000 @ 49.71p Value: £497,100GKN (GKN) Director name: Sir Sir Kevin SmithAmount purchased: 100,000 @ 177.00p Value: £177,000Camper & Nicholsons Marina Investments Ltd. (CNMI) Director name: Mr Nicholas MarisAmount purchased: 1,164,483 @ 15.00p Value: £174,672Camper & Nicholsons Marina Investments Ltd. (CNMI) Director name: Mr Nicholas MarisAmount purchased: 1,018,922 @ 15.00p Value: £152,838Jupiter Second Split Trust ZDP Shares (JSSZ) Director name: Mr Gordon A CampbellAmount purchased: 258,000 @ 33.50p Value: £86,430Camper & Nicholsons Marina Investments Ltd. (CNMI) Director name: Mr Christopher LewintonAmount purchased: 553,129 @ 15.00p Value: £82,969TT Electronics (TTG) Director name: Mr Shatish D. DasaniAmount purchased: 20,000 @ 158.40p Value: £31,680Camper & Nicholsons Marina Investments Ltd. (CNMI) Director name: Mr Roger LewisAmount purchased: 166,666 @ 15.00p Value: £25,000Egdon Resources (EDR) Director name: Mr Mark Anthony William AbbottAmount purchased: 133,842 @ 13.00p Value: £17,399Egdon Resources (EDR) Director name: Mr Walter Rookehurst RobertsAmount purchased: 100,000 @ 13.69p Value: £13,690Top Director SellsJohn Menzies (MNZS) Director name: Mr Craig SmythAmount sold: 26,000 @ 496.00p Value: £128,960John Menzies (MNZS) Director name: Mr Craig SmythAmount sold: 4,000 @ 496.00p Value: £19,840