Viva Energy Group Ltd (ASX: VEA), Codan Ltd (ASX: CDA), and AMP Ltd (ASX: AMP) shares have all climbed to fresh annual highs in Wednesday lunchtime trade.
Here's why the shares are peaking today, and what brokers expect next.
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Viva Energy shares
Viva Energy shares have climbed around 1% and are trading at a two-year high of $3.24 a piece, at the time of writing. The increase means the shares have jumped roughly 14% over the past month and are now up around 55% year to date.
As Australia's second-largest vertically integrated refined transport fuel supplier, Viva Energy has enjoyed tailwinds from tight fuel supply and rising prices through 2026 as conflict in the Middle East constrains the flow of oil in and out of the region.
It looks like investors are still flocking to the stock after the company posted a strong first-half result in late August. It announced record EBITDA results of $774.4 million for the half year ending June 2025, up a huge 154% from the same period last year. Its NPAT also boomed 493% higher to $371.1 million.
The news followed an update from the company in late July, in which it said its Geelong refinery had successfully returned to 90% of its operations after being affected by a fire in April.
Going forward, it looks like the experts are bullish that the shares can keep rising. TradingView data shows the majority (six out of 10) have a buy/strong buy rating on the shares. Although after the latest rally, the $3.04 average target price now implies a potential 6% downside ahead.
AMP shares
AMP shares are up around 3% at the time of writing this morning, to an eight-year high of $2.61 per share. After the financial services shares dipped to an annual low of $1.16 in March, they've mostly consistently climbed higher to the time of writing. They're now up 43% for the year to date.
AMP shares have rallied higher since March on the back of a rebound in investor sentiment. The company has managed to execute an operational turnaround this year, enabling it to improve its earnings and return some capital to shareholders.
It has posted strong financial results; its assets under management (AUM) have climbed; its wealth business has improved; it has boosted its interim dividend; and it has also completed a series of share buybacks.
Last month, the company announced a 33% increase in underlying NPAT for the first half of FY26, and an 8.2% year-on-year increase in AUM to $167.6 billion. Management credited its AUM growth to momentum in AMP's wealth and retirement businesses.
Going forward, the experts are still bullish on the shares. According to TradingView data, the majority (seven out of nine) have a buy/strong buy rating on AMP shares. But after the rally over the past six months, the $2.57 target price implies around a 2% downside ahead, at the time of writing.
Codan shares
Codan shares have climbed around 2% higher at the time of writing, to an all-time high of $52.49. The shares have trended upwards throughout most of 2026 so far and are now up a huge 81% year to date.
The company, which develops electronic solutions for government, military, corporate, and consumer markets globally, has climbed higher this year amid continued geopolitical volatility.
Its communications segment, which designs drones and defence and public-safety equipment, benefited from a strong price rally, driven by soaring demand for defence-related stocks earlier this year.
The shares were propelled higher by a strong FY26 result last month, with net profit up 69% and revenue up 30%.
And the company believes it has another record year ahead. Earlier this week, it announced it is targeting full-year revenue growth of around 20% for FY27 and noted that the financial year has started with positive momentum.
Investors are clearly thrilled, and experts are also very optimistic that the company can continue to grow.
TradingView data shows that the majority (five out of nine) have a buy/strong buy rating on the stock. The average $53.17 target price implies around 1% upside. Although some think the shares could jump another 10% to $57.56 each, at the time of writing.
