Trencor Shares Jump to Record on Stock Purchase by Director
Trencor Ltd. (TRE) advanced to a record after a director bought almost 1 million rand ($133,800) of the company’s stock.
Shares in the investment company gained as much as 8 percent, the biggest jump since August, and closed 4.4 percent higher at 42.30 rand in Johannesburg, the highest since at least 1990 when Bloomberg started compiling data.
Non-executive director Herman Wessels bought 25,000 shares on Mar. 9, the company said in a statement to Johannesburg’s stock exchange yesterday.
Recent “good results and some of the directors buying into their own company is supporting the share price,” Hennie Fourie, a portfolio manager at PSG Konsult, said by telephone from Pretoria. “Buyers are lining up and that is boosting the shares.”
Earnings per share for the year through December rose 67 percent to 554.3 cents, the company said Feb. 16.
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