LISTED shares of companies on the South Pacific Stock Exchange (SPX) were collectively valued at a total of over $3.65billion at the close of December 2024, growing by $321million (9.61 per cent) during the year as indicators point to increased awareness and participation of Fijians in the stock market.
“The stock market in Fiji recorded noteworthy highlights in 2024, with robust performance across key market indicators,” SPX chief executive officer Sheraj Obeyesekere said in a statement released yesterday.
“Market capitalisation, which reflects the total value of equity shares listed on SPX, increased by 9.61 per cent, adding $321million to the market value.
“On the trading activity front, the total trading value for 2024 was $37.3million, marking the highest annual trading value since 2019.
“Additionally, the number of trades executed in 2024 was the highest ever recorded in Fiji’s stock market history.
“The market also saw the highest influx of new investors since the onset of the pandemic, underlining renewed investor interest and confidence,” Mr Obeyesekere said.
SPX also ended its listing drought last year, with SUN Insurance Company Ltd becoming its 20th security, the first equity listing since 2019.
“The 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,” Mr Obeyesekere said.
“This success underscored the robust demand for new listings and reaffirmed the market’s readiness to support IPOs.”
Also a standout highlight of 2024 was the record-breaking dividend payouts by SPX-listed entities.
“Sixteen entities declared a total of $76 million in dividends, the highest-ever total annual dividend payout in the market’s history,” Mr Obeyesekere said.
“This milestone pushed the cumulative dividend payouts by SPX-listed entities since 2000 to over $1billion.”
In 2024, the SPX Total Return Index (STRI) increased by 7.41per cent and the SPX Market Cap Weighted Price Index rose by 5.09 per cent.
NOTE: This article was first published in the print edition of the Fiji Times dated January 04, 2025.
