Codan Ltd (ASX: CDA) shares are having another strong session on Tuesday as investors keep chasing the ASX technology stock higher.
At the time of writing, the Codan share price is up 3.54% to $44.99.
Earlier in afternoon trade, the stock climbed as high as $45.28, marking an all-time high.
Looking at the bigger picture, Codan shares are now up 60% in 2026 and around 120% over the past 12 months.
Image source: Getty Images
Director buying adds to the momentum
The latest spark appears to be a change of director's interest notice lodged with the ASX.
According to the notice, non-Executive Director Heith Mackay-Cruise indirectly bought another 1,200 Codan shares on 25 June through MC Investment Nominees Pty Ltd.
The shares were bought in two parcels of 600 apiece at $43.36 and $43.33.
That means the director spent $52,014 of his own money buying Codan shares.
It's not a huge purchase beside Codan's market capitalisation, which is now above $8 billion. But the timing has caught attention, with the stock hitting a new all-time high today after already more than doubling in the past year.
The business backdrop is still strong
The buying also comes after a much stronger year from the underlying business.
Codan makes communications and metal detection products, with brands and divisions including Minelab, DTC, and Zetron.
In April, the company told investors that the group was trading ahead of expectations in the second half of FY26.
Management now expects FY26 EBIT of about $235 million and net profit after tax (NPAT) of about $170 million. Both would be more than 60% higher than FY25.
The Communications business is expected to deliver revenue growth at the top end of its 15% to 20% target range. Codan also expects that division to hit a 30% profit margin in FY26, a year earlier than its previous target.
Defence and gold are doing the heavy lifting
Two areas are helping Codan at the moment.
The first is defence. Codan said demand from defence customers for unmanned systems continues to support growth in its software-defined radios business.
It also recently agreed to acquire Adaptive Dynamics' intellectual property, which is focused on anti-jamming and interference mitigation technologies.
The second is gold.
Codan's Minelab business has been benefiting from strong gold detector demand, helped by favourable market conditions and new product releases.
Can the rally keep going?
Codan has given investors plenty of reasons to stay interested, but the bar is now much higher.
The stock has already climbed to a fresh record high of $45.28, so that level will be one to watch in the near term. If the share price eases, the $43 to $44 range could be where buyers start to take another look.
The next key date is Codan's FY26 full-year result on 20 August.
