Smaller stock to watch
EUROPEAN COLOUR, the pigment maker that issued a profits warning at last week’s AGM, jumped 5½p to 24p as a 29.7 per cent holding changed hands at a 53 per cent premium to Friday’s closing price. Shelby Corporation, an investment manager, acquired the stock from Jarvis Porter, the AIM-listed cash shell, up 2¼p to 17½p. Steve Smith, who advises Shelby on the chemical sector, was yesterday appointed non-executive chairman of European Colour.
Directors’ dealings
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STAGECOACH GROUP added ½p to 79½p as the husband of Ann Gloag, the co-founder of the bus and train operator who is now a non-executive director, sold stock for £79,500. David McLeary disposed of 100,000 shares at 79½p, trimming the couple’s stake to 149.8 million shares, or 11.3 per cent. Along with her brother Brian Souter, chief executive, Mrs Gloag bought heavily in January at the 31p level.
Bet of the day
DESPITE reporting a 40 per cent increase in passenger numbers for July, Ryanair’s shares lost 13p to 418p yesterday. The airline’s shares have been searching for direction during recent months, so, as the airline reports its first-quarter figures, where will they go next? Cantor Index is pessimistic, offering 7-4 against the shares hitting 400p or lower on August 31, and 3-1 that they will dip to 390p on the same day.