There was a dramatic upturn in Just Car Clinics this week after the three senior directors on the four man board boosted their holdings on Monday. At 24p, shares had dwindled to a six year low following 2010 results announced earlier this year but directors kick started a dramatic turnaround by investing about £30,000 each which topped up the collective stake of the trio by about 6 per cent. Higher fuel costs and insurance excesses have contributed to subdued demand for the companies vehicle repair services but despite the poor climate, 2010 profit was only moderately impaired on increased turnover. Directors were clearly mystified as to why traders kept the shares under pressure after the company increased its dividend and traders duly re-evaluated after Monday’s intervention sending the shares up 50 per cent.
John Allan, Chairman of Dixons Retail also pounced on weakness this week adding 400,000 shares the 100,000 he bought two years ago soon after joining the retailer. Though shares are off their April lows he remains in deficit on his 28p first trade after eighteen month of price declines did the damage. Shares were briefly in demand again on Tuesday after traders anticipated an upturn in high street bell-weather Marks and Spencer which could herald a turnaround for the sector.
Amjad Bseisu bought into Enquest for the second time in a month last Thursday as shares in the North Sea oil extractor have slipped up since peaking in March. Buying 2.4million at 122p, the shares topped 130p this week as he topped up his holding by 4 per cent. Chairman James Buckee made a trade of a different scale on the same day adding 100,000 shares to boost his stake by a third. A former BP man it was his third trade since becoming Chairman last year with the first two proving well timed.
Also in the sector there was buying at Coastal Energy Group the previous day as Randy Bartley added a modest 1 per cent to his stake which stands close to 1 per cent of the shares available. He was joined in buying by senior manager Jerry Moon who took profits in January after shares had jumped 75 per cent in three months. Aside from a peak in February, the gains had flattened out until the company announced first quarter results last week which reported increased production at its operations in Thailand. Last Wednesday Moon bought twice the number shares that he sold in January at a higher price but this week’s gains leave him 14 per cent ahead on the deal already.