Fijian stock market achieves record $76M dividend payout in 2024

16 South Pacific Stock Exchange listed entities declared a total of $76 million in dividends, the highest-ever total annual dividend payout in the market’s history.

SPX says this milestone has pushed the cumulative dividend payouts by SPX-listed entities since 2000 to over $1 billion.

They also say total value of Fiji’s stock market grew by 9.61 percent, adding $321 million to the market value.

SPX says the total trading value for 2024 was $37.3 million, marking the highest annual trading value since 2019.

SPX says additionally, the number of trades executed in 2024 was the highest ever recorded in Fiji’s stock market history and the market also saw the highest influx of new investors since the onset of the pandemic, underlining renewed investor interest and confidence.

They say in terms of market returns, the SPX Total Return Index, which tracks share price movements and dividend returns, increased by 7.41 percent in last year.

Meanwhile, the SPX Market Cap Weighted Price Index, which tracks share price movements, posted a gain of 5.09 percent.

SPX says these positive performances marked an encouraging finish to the year in the Fijian stock market.

They say 2024 also saw the Fijian stock market welcoming its first equity listing since 2019 with the successful listing of SUN Insurance Company Limited.

They say SUN Initial Public Offering (IPO) garnered a strong response from investors, attracting substantial interest both during the private placement phase among institutional investors and through the public offering and this success underscored the robust demand for new listings and reaffirmed the market’s readiness to support IPOs.

CEO of SPX, Sheraj Obeyesekere, says the market’s performance in 2024 is a promising indicator of the opportunities ahead for the Fijian stock market.

He says dual returns of share price growth and record-breaking dividend payouts by SPX-listed entities underscores the significant value the stock market offers to investors.

Obeyesekere says it is particularly encouraging to see listed entities in Fiji consistently rewarding shareholders through dividends, demonstrating their commitment to delivering shareholder value.

He says this sends a strong and positive message to our investor community about the resilience and potential of the Fijian stock market and the strong performance of our listed entities.

The CEO further says although trading activity in Fiji remains limited compared to more active stock markets and is primarily driven by institutional investors, the progress seen in 2024 is encouraging.

He says more investors are now actively participating in the market, signaling growing interest in trading and investment.

Obeyesekere says SPX is committed to building on this momentum by raising public awareness about investment opportunities and making the market more accessible to all Fijians and looking ahead to 2025, they are optimistic that this positive trajectory will continue.

While welcoming companies to consider listing, he adds the IPO in 2024 has reaffirmed that investors are ready to back solid companies with strong investment cases and growth stories.

They encourage more Fijian companies to explore the opportunities of listing on the stock exchange and adds SPX is ready to provide the support and facilitation needed to make the listing journey seamless and successful.