Less than half of the companies in the TSX 60 have seen insider buying in the public market so far in 2025, with an even smaller portion buying in material size.

The consumer staples sector saw the most activity, owing entirely to buying from the Saputo (SAP) family. Mining ($19M), energy ($17M), and financials ($9M) were the only other material contributors at the sector level.

Energy saw the most broad-based activity, as trade tensions weigh on crude prices, demand, and ultimately public market sentiment. With an uncertain outlook for the Canadian energy patch, valuations remain under pressure.

Within financials just a few names were active, with notable buying from Scotiabank’s chairman (~$3M) and National Bank’s CEO ($1.2M).

The most interesting insider buying activity YTD is in mining, where most companies haven’t been active except for Barrick (ABX), with insiders collectively adding nearly $17M in 2025.

With a continued rise in gold prices making the economics for producers even more attractive, we’re surprised we haven’t seen more activity across the group.

The answer may lie in valuation though, as the peers look to be priced at a larger than normal premium to ABX. Clearly, Barrick management expects that gap to close.