Shares digital

Alison Carnworth, a non-executive director of hedge fund specialist Man Group (EMG), sent out a confusing message after both buying and selling shares in the company. She received 6,198 shares under the company’s dividend reinvestment and then sold 377,049 shares. She now holds only these 6,198 shares.

Although five members of the board shrewdly bought stock in August (Shares 23 Aug ‘07) for prices as low 450p, Stanley Fink, the non-executive deputy chairman and the original genius behind the company, personally sold five million shares in November, plus another 669,375 through a former director’s trustee.

Although the group has enjoyed strong profits growth in recent years, the market has become sceptical about its ability to weather the uncertain outlook for the financial sector(3m 14% relative weakness). The fact that directors have been sellers will reinforce this concern.

Shares says: While analysts are bullish, the shares are likely to be a victim of market uncertainty and are no more than a HOLD