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Illustration of Share market grew to $3.65b in 2024

Fiji’s Stock Market Soars: A $3.65 Billion Milestone in 2024!

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In 2024, the South Pacific Stock Exchange (SPX) achieved notable growth, concluding the year with a market capitalization exceeding $3.65 billion. This represents an increase of $321 million or 9.61% compared to the prior year, reflecting a surge in awareness and participation among Fijian investors in the stock market. SPX Chief Executive Officer Sheraj Obeyesekere highlighted several significant accomplishments during the year, marking it as a pivotal time for the market.

The total trading value for the year reached $37.3 million, the highest level since 2019, with a record number of trades exceeding all prior years. This surge shows an unprecedented level of market activity, along with the highest influx of new investors since the pandemic, which signals a renewed confidence in investment opportunities among the Fijian populace.

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

Additionally, SPX-listed entities collectively declared a record $76 million in dividends, marking the highest annual total in the exchange’s history. This achievement has pushed cumulative dividend payouts since 2000 to surpass $1 billion, reflecting a commitment from companies to reward their shareholders and further instilling confidence in the investment community.

The SPX Total Return Index (STRI) increased by 7.41%, and the SPX Market Cap Weighted Price Index grew by 5.09%, emphasizing a positive investment climate. Looking ahead to 2025, there is significant optimism surrounding the outlook for the Fijian stock market, with plans to enhance public awareness about investment opportunities and invite more companies to consider listing on the exchange.

Overall, the developments within the SPX signal a vibrant future filled with opportunities for investors and local businesses, fostering increased engagement and potential economic growth in the region. The successes of 2024 provide a strong foundation for future growth, encouraging broader participation and creating a promising investment landscape in Fiji.

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