BCP president snaps up 500,000 shares at knock-down prices
Nuno Amado, the Executive President of bank Millennium BCP has taken advantage of the low listing of its shares on the Lisbon stock market to buy 500,000 shares for just €66,000.
According to a communiqué shared by the Portuguese securities and stock market commission CMVM, Nuno Amado purchased the 500,000 BCP shares on Monday at a price of €0.1316688 per share which meant a total purchase price of €65,800.
The operation took place on a day of strong correction on the PSI-20: Shares lost 15.18% to €0.1201, a new historic minimum.
It was the second worst day of trading for the Lisbon Stock Market with BCP making considerable losses, with only Galp making worse losses than BCP at 16.52% to €9.584 following the crash in the price of oil.
In yesterday’s session alone the PSI-20 lost more than €5Bn.
When a board member of a company buys shares of that same company it serves to send out a signal to the market that the company is actually in a better state than the actual current value of the shares might suggest.
Both the financial sector and the oil industry was took a severe knock on Monday because of the Coronavirus and dispute between Russia and Saudi Arabia over oil supply.