Article: Directors draw in their horns.

Byline: Knox D'Arcy Investment Management

DIRECTORS DEALINGS: Discretionary purchases of shares fell sharply in the first quarter

Directors of UK listed companies do not, in general, believe that an equity recovery is imminent. That's the message from our analysis of directors' discretionary share purchases in the first quarter of 2009. Even though valuations are sharply down, directors have not been buying. And aggregate purchases were sharply below the average of previous quarters.

Our methodology screens directors' trades to identify those trades likely to be motivated by an investment decision (i.e. when a director pulls out his cheque ...

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