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Insiders have been buying these ASX shares this week

At the end of each week I like to look at which shares have experienced insider buying. This is because I believe insider buying can be a bullish indicator as very few people should know a company and its true value better than its own directors.

Three shares which have reported meaningful insider buying this week are listed below:

Michael Hill International Ltd (ASX: MHJ)

According to a change of director’s interest notice, independent non-executive director Janine Allis has been buying this beaten down jewellery retailer’s shares this week. During a series of on-market trades at the end of October, Allis picked up a total of 363,815 shares for a total consideration of $245,556.71. This implies an average price of approximately 67.5 cents per share and brought the director’s total holding to a sizeable 513,815 shares. Michael Hill’s shares were smashed last month after the release of a disappointing trading update.

Super Retail Group Ltd (ASX: SUL)

Two of this retailer’s independent non-executive directors have been taking advantage of a recent selloff to top up their respective holdings. Change of director’s interest notices reveal that Howard Mowlem picked up 10,000 shares on-market for a total consideration of $74,101.42 and Peter Everingham bought 7,000 shares on-market for a total consideration of $51,749.92. I think this was a smart move and believe Super Retail’s shares are attractively priced right now.

Syrah Resources Ltd (ASX: SYR)

According to a change of director’s interest notice, Syrah’s independent non-executive director, Lisa Bahash, has been buying shares this week. The notice reveals that Bahash picked up 15,583 shares through an on-market trade on Wednesday for an average of $1.595 per share. This equates to a total consideration of $24,855. It appears that this director believes that Syrah is over the worst of its issues now, but time will tell if that is the case.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Super Retail Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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