In 2024, the South Pacific Stock Exchange (SPX) achieved a historic feat, with 16 listed entities collectively distributing a remarkable dividend payout of $76 million, the highest annual figure in the exchange’s history. This substantial dividend has pushed the total payouts by SPX-listed companies since 2000 to exceed FJD1 billion, marking a significant milestone for the market.
Moreover, the year welcomed the first equity listing in the Fijian stock market since 2019, with SUN Insurance Company Limited successfully completing its Initial Public Offering (IPO). This IPO received a warm reception from investors, indicating a strong appetite for new listings and demonstrating the market’s readiness to support such endeavors.
SPX’s listed entities have also embraced innovation through dividend reinvestment plans, which have been well-received by shareholders, reflecting growing investor confidence in the potential for future growth among these companies.
Sheraj Obeyesekere, the chief executive of SPX, remarked on the market’s performance in 2024, describing it as an encouraging sign for the future of the Fijian stock market. He emphasized that the combination of robust share price growth and record dividend payouts illustrates the value the stock market can provide for investors.
Obeyesekere noted that despite trading activity in Fiji being relatively limited compared to larger markets, there are indications of increasing investor engagement, with more participants entering the market. He expressed optimism about continuing this positive trend into 2025.
In addition, Obeyesekere invited more Fijian companies to consider listing on the stock exchange, reinforcing the message that investors are eager to support strong businesses with promising growth trajectories.
This remarkable progress not only highlights the resilience of the Fijian stock market but also sets a hopeful tone for the future, fostering a conducive environment for investment and growth.
In summary, the 2024 dividend payout and successful IPO represent a significant development for the Fijian stock market, showcasing its potential as a vibrant platform for investors and companies alike. The call for more listings reflects a proactive approach to enhancing market activity and providing opportunities for further economic growth.
Leave a comment