In markets such as these it pays to follow the money. I suggested that the share price falls among the housebuilders after the referendum result became known looked out of all proportion to the potential damage it would do to the sector as a whole. A number of board members of various companies clearly agreed with me and went into the market and bought shares, scenting a bargain.
Yesterday Haydn Mursell, chief executive of Kier Group, bought shares in the company worth almost £50,000. He paid £10.70 a share; last Monday he probably could have got them for a tenner, but Mr Mursell was required under the rules governing such purchases to wait until yesterday’s trading statement.
The shares had been falling since the start