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Winners and Losers: Codan strikes silver

Metal detection firm Codan rose to the second-highest spot on the Winners list this week on better-than-expected first-half results, but Copper Search Limited nabbed the top position.

Feb 26, 2024, updated Feb 26, 2024
Tech company Codan specialises in tactical communications and metal detectors.

Tech company Codan specialises in tactical communications and metal detectors.

Shares in Codan rose nearly 23 per cent over the last five trading days, with shares spiking on the release of the company’s first-half financial results.

The metal detector and communications company’s net profit after tax was up 24 per cent to $38.1 million, and the business’ board expects a further 10 to 15 per cent in revenue growth this year.

Codan’s metal detection unit was a key driver of this growth, and with two recent acquisitions under the company’s belt, it hopes to blast past its revenue target.

Meanwhile, Copper Search Limited landed the top spot after recording a 30.21 per cent rise in its share price despite no new announcements in the week.

Archer Materials, Petratherm and Power Minerals rounded out the top five.

Of the losers, Maggie Beer landed the second-largest drop in its share price of the Adelaide companies this column tracks, down nearly 17 per cent over the five days.

Stocks were falling in the lead-up to the release of the company’s first-half results last Thursday, and that downward spiral continued after the company revealed its nearly $6 million loss for the period.

The group’s dairy division – Paris Creek Farms – was the driver of the loss, with gains made by Maggie Beer Products and Hampers and Gifts Australia offset by a $4.6 million non-cash impairment on PCF.

Vintage Energy was another company to land on the Losers list after reporting a $13 million half-year loss, compared to a $2.7 million loss in the same period one year prior.

Most of the loss was made up of a $10.8 million impairment resulting from a review of the company’s exploration expenditure.

As for the international markets, Baker Young Limited analysts said gains were driven by the continuation of an “AI frenzy… led by US chip maker Nvidia’s sparkling rally to new highs on a better-than-expected earnings/outlook to make it become the second largest stock on US market behind Apple”.

“The AI euphoria lifted US, European and Japanese (party like it’s 1989!) markets to record highs.

“Meanwhile, Aussies shares remain just below our record highs as lower exposure to technology and commodities linked to growth to China remains a headwind.”

The full list of Winners and Losers for the week ending 23 February 2024:

Data compiled by Baker Young Limited analysts.

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