Every Friday I like to look at which ASX shares have been experiencing insider buying.
I think keeping tabs on insider buying is important because it is often seen as a bullish indicator as few should know a company, its prospects, and true value better than its own directors.
Four shares which have been experiencing meaningful insider buying recently are listed below:
Independence Group NL (ASX: IGO)
According to a change of director's interest notice, non-executive director Geoffrey Clifford has picked up 5,000 shares through an on-market trade for a total consideration of $24,650. This purchase lifts Mr Clifford's holding in the company by 50% to 15,000 shares. Despite the gold and nickel miner's shares being up 60% since this time last year, the director appears to believe they can continue to climb higher.
Qantas Airways Limited (ASX: QAN)
Independent non-executive director Michael L'Estrange AO has dipped into the market this week to purchase more shares in Australia's leading airline. According to the release, Mr L'Estrange has almost doubled his holding with a purchase of 6,000 shares at $6.50 each through an on-market trade. As long as oil prices don't get out of control, I think Qantas would be a good investment even after its strong gain over the last 12 months.
SEEK Limited (ASX: SEK)
This job listings company's non-executive director, Julie Fahey, has been buying shares on-market. Fahey picked up 1,000 shares on-market for an average price of $21.39, boosting her holding to a total of 4,988 shares. I think SEEK is a great buy and hold investment and topping up positions like this could be a smart long-term strategy.
Wesfarmers Ltd (ASX: WES)
Director Simon William English, aka the Right Honourable Bill English, has picked up his first shares in the retail conglomerate since his appointment to the board at the end of April. The former New Zealand prime minister bought 1,000 shares through an on-market trade and paid an average price of $46.81 per share.
