Gene McBurney, founder, GMP Securities in his Toronto offices.
Insiders at GMP Capital capitalize on Canadian market strengths
The resilience of our economy may be soothing the worries of Bank of Canada Governor Mark Carney, who has been fretting over a strong Canadian dollar. In fact, as the loonie has soared, our stock market punched higher. Meanwhile, we continue to find insider buying in the high-flying financial sector. The motivation of these executives may not be a mystery. A rising Canadian currency boosts our capital market competitiveness as companies raise money here and invest overseas at decent terms.
Insiders at GMP Capital (yesterday's closing price $14.04)are one of the financial sector standouts. Over the last 90 days, officers and directors were net-buyers of just over $350,000 worth of stock. Most recently on March 4, as an officer sold 4,000 shares, director Hartley Richardson bought an impressive 25,000 shares at $13.73. Significant shareholder James Richardson & Sons has also been buying in the public market lately (not shown on graph).
Disclaimer: Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. Investments profiled are from a recent edition of the Morning INK report which is distributed daily to subscribers and clients of select financial institutions. INK staff may hold shares in profiled securities.