The luck of embattled All Ordinaries Index (ASX: XAO) share Codan Limited (ASX: CDA) appears to have taken a turn on Tuesday, with the stock posting one of its best days of the last 12 months.
The Codan share price is up 5.17% right now, trading at $4.07. The gain comes after it tumbled a whopping 59.6% over the first 10 months of 2022.
Meanwhile, the All Ords is lifting 1.06% following word the Reserve Bank of Australia has hiked interest rates by another 0.25% in November.
Codan develops electronics solutions â such as metal detectors and communication equipment â for governments, corporations, and consumers.
But what might be bolstering the All Ords share on Tuesday? Well, an insider has been indirectly buying Codan shares on the market, spending nearly $48,500 to do so.
Letâs take a closer look at the insider increasing their stake in the All Ords tech share.
Insider snaps up shares in All Ords tech company
The Codan share price is racing higher today amid an ASX release detailing an insiderâs purchase of the company’s stock.
Director Kathy Gramp has bolstered her hold in the company, indirectly buying an extra 12,500 shares for close to $3.88 apiece. She now holds 28,000 shares in the All Ords tech favourite.
The trade was made on Friday. That same day the stock closed at its equal-second lowest point since 2019 â $3.87.
The Codan share price has tumbled through 2022 despite posting strong earnings in August. Though, it was hampered by supply chain issues and long-lead times of components earlier this year.
Its suffering also came amid a broader tech sell-off. The S&P/ASX 200 Information Technology Index (ASX: XIJ) has fallen 33% so far this year while the S&P/All Technology Index (ASX: XTX) has plunged 31%.
Sadly, the company was dumped from the S&P/ASX 200 Index (ASX: XJO) earlier this year. Fortunately, however, its shares continue to live on the All Ords Index.
The post Guess which ASX All Ords share just caught a buy from an insider after falling 60% this year appeared first on The Motley Fool Australia.
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More reading
- The bear market rally has seen the ASX 200 jump five percent higher in October. It could all be about to run out of steam
- Why Codan, Coles, Medibank, and Pilbara Minerals shares are sinking
- Why is this ASX All Ords share crashing 20% today?
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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