Prudential director doubles stake after recent falls

24th Jun 2013 16:03

Prudential, the FTSE 100-listed financial services giant Prudential, saw a member of its board double his stake in the company on Monday as he took advantage of the recent weakness in the share price.Alistair Johnston, a former partner of KPMG who joined the Prudential board as an Independent Non-Executive Director in January 2012, bought 5,000 shares in the company at a price of 1,037p each, spending £51,850. This raised his holding to 10,000 shares, equal to just less than 0.0004% of the firm.As of Friday's closing price (1,040p), the stock had fallen by 13.5% since hitting a 52-week and multi-year high of 1,203p just a month earlier, as emerging markets-focused financial stocks bore the brunt of market volatility. Earlier this month when the share price was around 1,055p (as of June 11th), broker Morgan Stanley said that "concerns over higher real yields and consequent lower economic growth in emerging markets have driven a recent sell-off in [Prudential] shares".Analysts reiterated their 'overweight' rating for the stock, saying that the recent sell-off could create an "attractive entry point". Top Director BuysHomeserve (HSV) Director name: Mr Richard HarpinAmount purchased: 74,853 @ 277.60p Value: £207,792Homeserve (HSV) Director name: Mr Martin BennettAmount purchased: 50,890 @ 277.60p Value: £141,271Banco Santander SA (BNC) Director name: Mr Vittorio C. LioiAmount purchased: 17,585 @ 457.11p Value: £80,383Homeserve (HSV) Director name: Mr Johnathan FordAmount purchased: 19,996 @ 277.60p Value: £55,509Prudential (PRU)Director name: Alistair JohnstonAmount purchased: 5,000 @ 1,037pValue: £51,850F&C Asset Management (FCAM) Director name: Mr Edward BramsonAmount purchased: 36,000 @ 94.07p Value: £33,865Trap Oil Group (TRAP) Director name: Mr Scott Richardson Brown Amount purchased: 270,000 @ 10.75p Value: £29,025Edinburgh Dragon Trust (EFM) Director name: Mr Allan MckenzieAmount purchased: 10,000 @ 260.78p Value: £26,078Halfords Group (HFD) Director name: Mr Andrew Findlay Amount purchased: 6,504 @ 305.75p Value: £19,886Top Director SellsLMS Capital (LMS) Director name: Mr Bernard J. Duroc-DannerAmount sold: 20,639 @ 75.00p Value: £15,479