Once a week I like to look at which ASX shares have been experiencing meaningful insider buying. This is because insider buying is often seen as a bullish indicator as nobody should know a company and its prospects better than its own directors.
Two shares which have been experiencing insider buying recently are listed below:
Eclipx Group Ltd (ASX: ECX)
According to two change of director's interest notices, independent non-executive directors Linda Jenkinson and Russell Shields have been buying shares on-market. Linda Jenkinson picked up her first shares in the company with a purchase of 3,258 shares at an average price of $3.08 per share. Whereas Russell Shields added to his considerable holding with a purchase of 6,000 shares at an average price of $3.09 per share. This purchase lifted Mr Shields' holding to a total of 285,647 ordinary shares and 50,000 director options. The fleet management services and corporate and consumer asset backed finance provider's shares have fallen 22% year-to-date and are hovering just above a 52-week low. It appears that these directors think that this is bargain territory.
WAM Global Ltd (ASX: WGB)
A change of director's interest notice reveals that chairman Geoff Wilson AO has dipped into the market to top up his considerable holding in this investment company's shares. According to the notice, Mr Wilson has picked up 45,436 ordinary shares for a total consideration of $98,813.03. This equates to a price of approximately $2.17 per share and has lifted his holding to a total of 2,574,418 ordinary shares. This is the second time that Mr Wilson has bought shares in the investment company since its IPO in June. That IPO saw the company list at $2.20 per share, slightly higher than where it stands today. I think it could be worth a look considering the success of its other funds such as WAM Capital Limited (ASX: WAM).
