Fiji’s Stock Market Shatters Records: What You Need to Know!

The South Pacific Stock Exchange (SPX) experienced a strong performance in 2024, ending the year with a total market valuation exceeding FJD 3.65 billion. This represents a growth of approximately FJD 321 million, or 9.61%, from the previous year, indicative of enhanced awareness and participation among Fijian investors.

According to SPX Chief Executive Officer Sheraj Obeyesekere, the stock market saw significant accomplishments, including its highest trading value since 2019, which reached FJD 37.3 million. Notably, the number of trades executed during the year was the highest ever recorded in Fiji’s market history. Additionally, a significant influx of new investors was observed, marking the largest increase since the pandemic began, showcasing renewed confidence and interest in investment opportunities.

A landmark achievement for the SPX in 2024 was the successful Initial Public Offering (IPO) of SUN Insurance Company Limited, which became the first new listing on the exchange since 2019. The IPO received a robust response from both institutional and public investors, underscoring strong demand for new market listings and reaffirming the readiness of the market to support future IPOs.

In terms of shareholder returns, SPX-listed companies declared a record-breaking FJD 76 million in dividends, the highest total annual payout in the exchange’s history, pushing cumulative dividends since 2000 to over FJD 1 billion. This not only reflects well on the listed entities but also on the commitment to rewarding shareholders, enhancing overall investor confidence in the growth potential of the market.

Overall, the SPX Total Return Index increased by 7.41%, while the SPX Market Cap Weighted Price Index rose by 5.09%, further indicating a promising investment environment. Looking ahead, SPX aims to build upon the momentum gained in 2024 by enhancing public awareness of investment opportunities and inviting more Fijian companies to explore listing options, thus contributing to the overall economic development of the region.

The positive evolution of the Fijian stock market reflects a vibrant future filled with opportunities for both investors and companies, fostering increased engagement and potential for economic growth.