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An Air Canada Airbus A321-211 takes off from Pearson International Airport on Friday, July 28, 2017.Christopher Katsarov/The Canadian Press

Featured below are companies that have experienced recent insider trading activity in the public market through their direct and indirect ownerships.

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.

Let's begin the report detailing companies with buying activity.

Colliers International Group Inc. (CIGI-T)

On Aug. 4, Katherine Lee, who sits on the board of directors, purchased 1,000 shares at an average price of $66 per share, increasing her portfolio's holdings to 4,000 shares.

Granite Real Estate Investment Trust (GRT.UN-T)

On Aug. 8, Peter Aghar, who sits on the board of trustees, purchased 5,000 units at an average cost per unit of $49.61 for an account in which he has indirect ownership (Crux Capital Corp.), initiating a portfolio position.

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The following companies have had recent insider selling activity.

Air Canada (AC-T)

With the share price of Air Canada soaring, management executives have been selling shares in the market.

On Aug. 3, president and chief executive officer Calin Rovinescu exercised his options and sold the corresponding number of shares (1,645,181), leaving a remaining portfolio balance of 25,011 shares.

On Aug. 3, chief financial officer Michael Rousseau exercised his options and sold the corresponding number of shares (179,191) shares. His remaining portfolio balance was 85,000 shares.

On Aug. 3, chief legal officer David Shapiro exercised his options and sold the corresponding number of shares (76,825) shares, eliminating the portfolio's position.

On Aug. 8, Kevin Howlett, senior vice-president of regional markets and government relations, exercised his options and sold the corresponding number of shares (143,638), leaving a remaining portfolio balance of 12,350 shares.

On Aug. 3, Amos Kazzaz, senior vice-president of financial planning and analysis, exercised his options and sold the corresponding number of shares (39,531), eliminating the portfolio's holdings.

Industrial Alliance Insurance and Financial Services Inc. (IAG-T)

On Aug. 9, chief investment officer Michel Tremblay exercised his options and sold the corresponding number of shares (10,000) at an average price of $56.3327 per share, leaving a portfolio position of 23,000 shares.

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