Welcome back to the Insider Trades series – a weekly summary of on-market ASX 200 director transactions valued at more than $10,000. The below trades have all taken place between 18 and 24 September 2025. Directors have up to 5 business days to notify the ASX of their trades.
Insider trading activity dropped sharply last week, breaking a streak of elevated transaction volumes since the end of August reporting season. The underlying catalyst remains unclear, though it may reflect caution amid all-time market highs and stretched valuations.
Top ASX 200 Insider Buys
Code
Company
Date
Director
Type
Price
Value
NHC
New Hope Corporation
23/09/25
Robert Millner
Buy
$422.24
$10,556,104
GQG
GQG Partners
23/09/25
Rajiv Jain
Buy
$1.69
$845,114
GQG
GQG Partners
22/09/25
Rajiv Jain
Buy
$1.67
$776,479
GQG
GQG Partners
19/09/25
Rajiv Jain
Buy
$1.68
$503,948
GQG
GQG Partners
18/09/25
Rajiv Jain
Buy
$1.68
$469,016
EBO
Ebos Group
23/09/25
Elizabeth Coutts
Buy
$29.30
$87,903
ALL
Aristocrat Leisure
19/09/25
Natasha Chand
Buy
$68.74
$44,953
ANN
Ansell
24/09/25
Debra Goodin
Buy
$33.38
$29,608
EBO
Ebos Group
22/09/25
Stuart McLauchlan
Buy
$29.20
$29,200
IEL
Idp Education
19/09/25
Colin Stirling
Buy
$5.50
$22,000
KAR
Karoon Energy
22/09/25
Melissa Holzberger
Buy
$1.58
$19,999
Interesting takeaways
New Hope: Soul Patt's Chairman Robert Millner purchased 25,000 shares worth approximately $10.5 million, though this represents just a drop in the ocean given he beneficially owns around 6.28 million shares. New Hope rallied 5.0% on its FY25 result (16 Sep), where earnings largely met analyst expectations but the 15 cent dividend beat the 11 cent consensus. The company outlined a growth path in its presentation, though FY26-28 numbers came in slightly softer than market expectations. Macquarie downgraded the stock to Underperform, noting that "whilst we see merit in a yield maximisation strategy," concerns centre on a weaker production and earnings outlook.
Ebos: Non-Executive Chairman Elizabeth Coutts lifted her stake by approximately 1.6% to 183,296 shares. Ebos is trading at its lowest level since early 2021 after dropping 14.6% on its FY25 result (27 Aug). While results were broadly in line with expectations, FY26 EBITDA guidance came in 4% below consensus. Excluding acquisitions, this represents 3% year-on-year underlying growth versus Macquarie's 8% estimates.
GQG Partners: Chief Investment Officer Rajiv Jain continues accumulating shares through QVFT LLC, an entity he controls alongside GQG's parent organisation.
Top ASX 200 Insider Sells
Code
Company
Date
Director
Type
Price
Value
WTC
Wisetech Global
18/09/25
Richard White
Sell
$96.76
$50,228,116
REA
REA Group
18/09/25
Owen Wilson
Sell
$231.73
$695,203
Interesting takeaways
Wisetech: Executive Chairman and founder Richard White continues offloading shares, selling $170 million over the past three weeks. The move aligns with his ongoing reduction in ownership, which stands at approximately 38.1% as of August 2025. It's also consistent with his recent transition to a Chairman position and the appointment of new CEO Zubin Appoo. As White stated in 2024, he seeks to make "small daily trades in a very orderly way" to provide market liquidity.
REA Group: CEO Owen Wilson has sold approximately $3 million worth of shares this month, an unsurprising divestment given his plans to retire from full time executive roles. At REA's FY25 results, the company appointed Cameron McIntyre as CEO effective 3 November 2025. McIntyre has been Managing Director and CEO of CAR Group for the past nine years.