With Angelique Ruzicka.
Shares in the AIM-listed CBG Group rose 3.85% to 135p after its directors purchased shares last week.
On 12 November Mike Askew, the company’s managing director, bought 25,642 ordinary shares of 4p each at a volume-weighted average price (VWAP) of 136.3p per share.
A day later he purchased a further 3,000 ordinary shares at a VWAP of 130p per share.
Laura Turnbull, the company’s chairman, purchased 30,000 ordinary shares at VWAP of 134.5p per share.
Askew now owns 356,422 ordinary shares, equivalent to 2.3% of the total issued share capital in the group. Turnbull
owns 536,563 ordinary shares, equivalent to 3.46% of the total issued shares.
Omega Insurance Holdings and Cobra Holdings were the only AIM-listed companies on our watch list to enjoy big share price rises. Omega’s price rose 8.28% to 157p per share; Cobra’s price increased 6.06% to 70p. Jelf was the only group to experience a drop this week when its shares fell 2.29% to 85.50p.
Shares in the London Stock Exchange-listed Chaucer Holdings plunged by 3.26% – clearly, reports about its investment losses have not done the Lloyd’s insurer any favours. It announced investment losses of £40.3m in October this year. Chaucer has taken steps to reduce its equity investment exposure but perhaps after most of the damage had been done.
Only Novae and Beazley enjoyed a significant rise this week. Novae’s shares rose by 3.41%; Beazley’s shares increased by 1.23%. Other insurers experienced small dips, although shares in RSA dropped 2.43%.
Compared to insurance stocks, banking stocks took a hammering this week. Lloyds TSB’s shares plunged 6.51%, HSBC’s shares fell 5.57% and Barclay’s shares lost 5.78%.
Royal Bank of Scotland reported the biggest drop at 8.28%.
This week should provide a clearer picture on whether Lloyds TSB shareholders will back the HBOS takeover. The bank has repeatedly said the £6.3bn merger will go ahead, even though commentators believe HBOS’ falling share price means the deal is overpriced. There are also concerns over HBOS’ liabilities. Watch this space.