The insiders have not been trading through this year’s equity sell-off and rebound. Buying and selling by European directors of their own company’s shares has fallen to a two-year low, according to data compiled by Deutsche Bank. It recorded less than €34m ($46m) in purchases over the 50 days to May 12, down from €80m in November.

Even allowing for the fall in valuations – the FTSE Eurofirst 300 index lost 10.9 per cent over the same period to mid-May – the data suggest those with the best information have preferred to sit on their hands.