Share buybacks, also known as normal course issuer bids, are typically used by companies as a strategy to enhance shareholder returns. When insiders buy during an active buyback program, in our view, they reinforce the idea that the stock is undervalued. When insiders are selling in size while the company repurchases shares, the message is less encouraging. It can point to declining growth opportunities or a rising risk environment. Today, we look at the first case, where both the issuer and senior officers or directors have bought in the first half of 2026.
National Bank of Canada was one of the stocks I highlighted here on April 16 with buybacks and insider buying in first the quarter. The repurchases continued in the second quarter, pushing total buybacks for the first half of the year to just over $1.1-billion, with the bank buying back 6,150,400 shares at an average price of $183.77.
Meanwhile, in the first six months, three directors spent a total of just over $1.1-million to buy 6,069 shares in the public market at an average price of $190.14.
On May 27, the bank raised its quarterly dividend by 8 cents to $1.32 per common share.
Air Canada was another stock that caught our eye in April, and like National Bank, a positive combination of buybacks and insider-buying has continued in the second quarter. In the first half of 2026, Air Canada spent almost $267-million to repurchase 14,516,991 shares at an average price of $18.38. The most recent reported repurchase took place on May 8.
Air Canada senior officers were also accumulating shares in the public market in the first half. Seventeen insiders reported purchasing more than $1.3-million worth of shares, with 67,048 shares acquired at an average price of $19.46. As we noted in April, Air Canada’s North American employees can participate in an employee share ownership plan where Air Canada matches 33.33 per cent of employee contributions to purchase shares in the public market.
On April 30, Air Canada said it expects to generate second-quarter adjusted EBITDA in the range of $575-million to $725-million. Its outlook was based on certain jet fuel price assumptions, which the airline noted were subject to continuing volatility in global energy markets. In the second quarter of 2025, the airline reported adjusted EBITDA of $909-million.
Industrial stocks have been hitting our insider screens recently, and that includes Canadian National Railway Co. During the first six months of the year, four directors at the railway reported acquiring 9,400 shares in the public market at an average price of $139.38, representing just over $1.3-million in purchases.
Over the same period, Canadian National Railway reported buying back almost $1.3-billion worth of stock. The 8,886,156 shares were purchased at an average price of $146.10. The railway will release second-quarter results before the market opens on July 24.
Chemtrade Logistics Income Fund manufactures sulphur-based products, water treatment products, and specialty chemicals. In the first half of the year, Chemtrade spent almost $51-million repurchasing 3,247,800 trust units at an average price of $15.67. During the same period, three insiders spent a total of $225,293 buying 14,373 trust units at an average price of $15.67.
Chemtrade is now awaiting a final decision from the District of North Vancouver on its rezoning application for its chlor-alkali facility. Chemtrade requires approval to allow the continued production of liquid chlorine at the facility.
Finally, Mexican miner Torex Gold Resources Inc. spent almost $213-million repurchasing shares in the first six months of 2026. The miner bought back 3,132,783 shares at an average price of $67.91. A pair of insiders also spent a total of $185,629 buying 2,965 shares in the public market at an average price of $62.61.
On July 7, Torex Gold reported that it produced 96,297 gold-equivalent (AuEq) ounces in the second quarter, and the company said it remains on track to produce 420,000 to 470,000 AuEq ounces this year.
Ted Dixon is CEO of INK Research, which provides insider news and knowledge to investors.