As six of Australia’s worst-performing listed companies lost $11 billion in value in just six months, well-timed sales by “insiders” helped them avoid the sharp falls that followed profit warnings, downgrades and other corporate disasters.
Significant insider selling was evident at the four worst-performing companies in the S&P/ASX 200 over six months and four out of the 10 worst-performing stocks in the S&P/ASX 100 Index over that period, as directors and management were spared losses by the good timing of their sales.
In total nine executives and directors sold shares in Aconex, Sirtex Medical, Bellamy’s Australia, Vocus Group, Healthscope and Brambles worth about $60 million since late August. These shares would now be worth just $32 million as of this week.
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.