On Friday, the S&P 500 was up 0.2% and Toronto was up 0.1%.
Melcor Developments was up 4.0%. The company continues to buy back each day the small amount of shares that it is allowed to which is just 1262 shares per day. They are also allowed to add to that with certain block trades but that has not yet occurred.
Dollarama was up 2.2%.
AutoCanada was up 2.2% and I notice there has been a bit of insider buying since it released Q3 numbers. The new CFO who was appointed in late August bought 20,950 shares (about $241k worth) last week at prices from $11.05 to $12.30. He had not previously bought any shares.
The new President (he is not CEO) whose appointment was also announced on August 22 added 8,363 shares at $12.35. He now has a total of 39,097 shares worth about $435k. Some of these are in the name of his family members presumably his wife (4885 shares) and son (773 shares),
These latest purchases are consistent with my theory that the new management is confident that they can make a material amount of money through share price increases as they turn the company around. They were awarded stock options. But in addition executives and some directors have purchased material amounts of shares with own money. They appear to have substantial incentive to turn things around.
See post below for an update on Stantec. The next update will likely be WSP Global which is in the same line of business as Stantec.