Was a holder many years ago and have been watching for a possible entry.
Not sure what to make of today's market reaction on no news. This from Markets Live:
11.19am
Radio silence on Codan decline
By Lucy Battersby
Metal detector and radio maker Codan is down 10 percent this morning without any substantial news released by the company. Thestock price has fallen from $19.41 on Friday (just a couple of cents short ofthe all-time high set on 31 May) down to $17.01 this morning.
Codan has not released any news to the market since8 June when director Donald McGurk disposed of 136,000 shares held by hisfamily super fund on market for $18.33 each.
It is not ex-dividend, there have not been anyanalyst rating changes, and there was not a lot of shorts on the stock withonly 0.08 per cent shorted. It is not expected to release any financial newsuntil full year results on 20 August.
The shares are relatively tightly held with formerdirector Ian Baker Wall still holding about 35 per cent of shares. The largestinstitutional investors include Perennial, Vanguard, and Montgomery InvestmentManagement.
However, the stock price has been following goldhigher as the company’s metal detectors were highly popular among people whofancied their chances of finding nuggets. Gold prices have dropped from$US1,900 ten days ago down to $US1,772 this morning. Or from $AUD2,468 in lateMay down to $AUD2,362 today.
Director selling is never a good sign but I doubt this is what is influencing the sell off. Looking at the register I note top 4 shareholders are all former Directors and own 44% of the company. Trading volumes today are already well above daily average (549,013). Maybe further insider or institutional selling?
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Last
$20.26 |
Change
0.560(2.84%) |
Mkt cap ! $3.678B | |||
| Open | High | Low | Value | Volume |
| $19.59 | $20.26 | $19.57 | $23.65M | 1.170M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 5420 | $20.21 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $20.27 | 965 | 1 |
View Market Depth
| Last trade - 16.10pm 20/06/2025 (20 minute delay) ? |
| CDA (ASX) Chart |