Quindell Share Price Rises Upon Founder Purchases
Having fallen throughout the latter half of Tuesday from just above 130p to just above 123p, Quindell (QPP) shares continued on a downwards direction upon opening on Wednesday morning and hit a low of 122.50p. However, the second half of the day brought better news and the price rose to 133p before closing the day at 132p up 6.75% for the day but still down 9.35% for the week.
The share price rose as Quindell founder and chairman Robert Terry showed confidence in the company when he, and two other directors, bought almost £2 million worth of shares. Terry bought 1 million shares and increased his stake in the company to 10.69%.
While the founders of the company may be confident, the overall trend appears to be more divided. On Wednesday 47.97% of Quindell shares traded were sold and 52.03% were bought.