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Inside the Market Tuesday’s Insider Report: President at this ‘Big 5’ bank sells over US$4.9-million worth of stock

Featured below are companies that have experienced recent insider trading activity in the public market through their direct and indirect ownerships, including accounts they have control or direction over.

The list features insider transaction activity; it does not convey total ownership information as an insider may hold numerous accounts.

Keep in mind, when looking at transaction activities by insiders, purchasing activity may reflect perceived value in a security. Selling activity may or may not be related to a stock’s valuation; perhaps an insider needs to raise money for personal reasons. An insider’s total holdings should be considered because a sale may, in context, be insignificant if this person has a large remaining position in the company. I tend to put great weight on insider transaction activity when I see multiple insiders trading a company’s shares or units.

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Listed below are two securities that have had recent insider buying activity.

Enghouse Systems Limited (ENGH-T)

On March 12, Jane Mowat, who sits on the board of directors, acquired 3,000 shares at a price per share of $34.375 for an account in which she has indirect ownership (Forfar Trust), initiating a portfolio position. The cost of this purchase totaled over $103,000.

Tourmaline Oil Corp. (TOU-T)

On March 8, president and chief executive officer Mike Rose bought 5,000 shares at a price per share of $20.15, increasing his portfolio’s position to 10,509,740 shares. The cost of this investment exceeded $100,000.

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Listed below are two stocks that have had recent selling activity reported by insiders.

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Canadian Imperial Bank of Commerce (CM-T)

On March 11, Larry Richman, president and chief executive officer of CIBC Bank USA and senior executive vice-president and group head – U.S. region, exercised his options, receiving 44,848 shares, and sold 58,567 shares at an average price per share of approximately US$83.97, which eliminated this account’s position. Proceeds totaled over US$4.9-million.

Fortis Inc. (FTS-T)

On March 12 and March 13, president and chief executive officer Barry Perry exercised his options and sold the corresponding number of shares received (251,143) at an average price per share of approximately $49.01, leaving 281,772 shares in his account. Proceeds from the sales exceeded $12-million.

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