Senior independent director shows faith in battered Morgan Crucible

There is nothing like a profit warning to induce a director purchase, and Monday saw an almost classic example relating to Morgan Crucible.On Friday the shares plummeted after the industrial materials provider warned trading conditions have deteriorated across most geographies, particularly in Europe and China. The shares were down again on Monday, despite senior independent director Martin Flower putting his hand in his pocket and buying 10,000 shares at 222.54p each, raising his holding to 25,000 shares, or 0.0089% of the issued share capital.Top Director BuysPetroceltic International (PCI) Director name: Mr Brian O'CathainAmount purchased: 500,000 @ 7.05p Value: £35,250Morgan Crucible Co (MGCR) Director name: Mr Martin C FlowerAmount purchased: 10,000 @ 222.54p Value: £22,254Environmental Recycling Technologies (ENRT) Director name: Mr David Charles Shepley-CuthbertAmount purchased: 500,000 @ 2.13p Value: £10,650Top Director SellsWood Group (John) (WG.) Director name: Mr Mike StraughenAmount sold: 50,000 @ 844.50p Value: £422,250JH