Director dealings: Centamin chairman sells £5.6m shares

13th Jun 2016 15:24

(ShareCast News) - Centamin founder and executive chairman Josef El-Raghy has sold disposed of 5m shares not long after they hit their highest levels for five years.The chairman of the Egyptian gold miner offloaded shares in his Nordana fund between 8 June and 10 June at an average price of £1.11 per share, pocketing £5.55m.Following the sale El-Raghy's holdings and his family still hold around 54m shares in the FTSE 250 company.Last month, Morgan Stanley initiated coverage of the stock at 'overweight' with a 130p price target, saying it was its top pick within the European gold space.Its Sukari mine, the investment bank's analysts said, "provides a solid foundation from which to grow the business with a 7% free cash flow yield in 2017".This cash be invested either at Sukari, or elsewhere, or alternatively returned to shareholders if no viable project is identified."Valuation does not reflect this optionality in our view."Top Director BuysHunters Property (HUNT)Director name: Jones,Edward ("Ed") AnthonyAmount purchased: 72,793 @ 75.00pValue: £54,594.75Volex (VLX)Director name: Morris,Daren Amount purchased: 40,000 @ 32.50pValue: £13,000.00Top Director SellsCentamin (di) (CEY)Director name: El-Raghy,JosefAmount purchased: 5,000,000 @ 111.00pValue: £5,550,000.07Stilo International (STL)Director name: Burnham,LesAmount purchased: 2,600,000 @ 5.25pValue: £136,500.00Euromoney Institutional Investor (ERM)Director name: Osborn,Neil FrankAmount purchased: 2,251 @ 950.00pValue: £21,384.50