Codan Shares Hit Record High on Profit Forecast
Australian electronics maker Codan forecast a sharp rise in first half profit driven by growing demand for its defense communications equipment in conflict regions. Shares jumped 23.9 percent to reach a record high following the upbeat guidance.
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CODAN LTD shares surged 23.9% to a record high of A$64.43 in Australia on Tuesday morning after the electronics components maker forecast first-half profit more than doubling to at least A$160 million ($112.16 million). The company's communications division drove the upgrade, benefiting from rising demand for battlefield gear. The rally positioned the stock as the top performer on the benchmark ASX 200 index.
