Norske Skogindustrier jumps on an insider buy

Norske Skog (OSE: NSG) pulled pulp & paper industry into healthy gains on Tuesday on the news of a big insider purchase. President & CEO Sven Ombudstvedt bought 700 000 shares, corresponding to over 0.36% of all the shares at a price of 3.42 Norwegian kroner through his investment company Elle Holding AS. This takes his holding up to nearly one per cent of all the shares. The stock climbed steadily throughout the day to finish up by 13% at 3.92 NOK.