Pan Jam director sells 2.5m shares

There are times when trading by insiders may be significant and investors would be smart to take note of it. A recent trade in Pan Jamaican Investment Trust shares by a director seems to be worthy of note.
The company this week informed the Jamaica Stock Exchange that a Director sold 2,508,590 of the company’s shares on September 30.
The sale comes against the back ground that Pan Jamaican reported net profit attributable to owners for the quarter ended June of $867 million, compared to $853 million in the similar quarter of 2015, a mere increase of 2 percent, equivalent to basic earnings per share of 83 cents. Net profit attributable to owners for the six months ended June 30, amounted to $1,589 million, compared to $1,395 million for 2015, an increase of 14 percent, equivalent to earnings per stock unit of $1.50 compared to $1.33 for the same period in 2015.
The year to date net profit, includes the impact of a gain of $185 million realized on the sale of the group’s interest in Hardware & Lumber during the first quarter of 2016.