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National Mutual grapples with crisis

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SCMP Reporter

THIS will be a crunch week for National Mutual Asia, the target of a dirty-tricks campaign.

The insurer saw its stock plummet at the end of last week after the sudden departure of chief executive Andrew Yang and a smear campaign against the group.

On Friday its stock was the worst performer of the day, dropping 16 per cent, $1, to close at $5.20, its lowest level since late October. On Wednesday it lost 55 cents.

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Its turnover, 35.24 million shares worth about $181.7 million, made it the seventh heaviest stock traded by volume and value.

Such heavy turnover indicates that significant institutional selling was behind the fall.

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At meetings over the weekend, senior executives grappled with plans to get the company and its share price back on an even keel.

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