Director dealings: Sainsbury's CEO ups stake following failed Asda deal

Sainsbury's chief executive Mike Coupe acquired 100,000 ordinary shares in the supermarket chain on Wednesday, upping his stake to 1.7m in the process.

Coupe, who took over the top job in July 2014, purchased the shares at an average price of 230.65p each, for a total value of £230,650.

Chief financial officer Kevin O'Byrne also snapped up 70,000 ordinary shares at an average price of 229.50p each, upping his stake to 250,000.

Earlier in the day, Coupe said he intended to stay in the job following his failed attempt to buy Asda as costs related to the deal contributed to a fall in annual profit.

Sainsbury’s pre-tax profit for the year to 9 March dropped 41.6% to £239m. Non-underlying items more than doubled to £396m including £46m of costs related to the attempt to buy Asda from Walmart and £98m of pension expenses.

Underlying pre-tax profit rose 7.8% to £635m as group sales increased 2.1% to £32.4bn. Analysts had on average expected profit of £626m. Like-for-like sales excluding fuel fell 0.2%.

As of 1620 BST, Sainsbury's shares had climbed 5.93% to 234.70p.

Top Director Buys

Sainsbury (J) (SBRY)

Director name: Mr Michael Andrew Coupe

Amount purchased: 100,000 @ 230.65p

Value: £230,650

Sainsbury (J) (SBRY)

Director name: Mr Kevin O'Byrne

Amount purchased: 70,000 @ 229.50p

Value: £160,650

NMCN (NMCN)

Director name: Mr John Homer

Amount purchased: 15,000 @ 505.00p

Value: £75,750

Fireangel Safety Technology Group (FA.)

Director name: Mr Mike Stilwell

Amount purchased: 55,538 @ 36.00p

Value: £19,994

Smiths Group (SMIN)

Director name: Mr George Buckley

Amount purchased: 817 @ 1,530.17p

Value: £12,501