The Globe and Mail reports in its Tuesday, July 21, edition that share buybacks are typically used by companies as a strategy to enhance shareholder returns. The Globe's regular guest columnist Ted Dixon writes that when insiders buy during an active buyback program, 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. Industrial stocks have been hitting Mr. Dixon's insider screens recently, and that includes Chemtrade Logistics Income Fund. It 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.