Prudential execs raise stakes after recent share-price slump

12th Jun 2013 16:29

The Chairman and a director of financial services giant Prudential topped up their stakes in the company on Wednesday, taking advantage of the stock's recent slump.Paul Manduca, who became Chairman of the firm in July 2012, bought 20,000 shares at a price of 1,067.5p each for a total of £213,500. The transaction nearly doubled his holding to 42,500, equal to a 0.0017% stake.Meanwhile, Anthony Nightingale, who joined the board this month as an Independent Non-Executive Director, made his maiden purchase, buying his first 15,000 shares for 1,090p each for £151,350. He now holds a 0.0006% interest in the company.The transactions came after a 10% fall in the share price over the last month, as emerging markets-focused financial stocks bore the brunt of market volatility."Concerns over higher real yields and consequent lower economic growth in emerging markets have driven a recent sell-off in [Prudential] shares," according broker Morgan Stanley.In a research report on Wednesday, Morgan Stanley reiterated its 'overweight' rating for the shares, saying that the recent sell-off could create an "attractive entry point".Despite the recent slump, the stock still stands over 22% higher since the start of 2013.