THE local stock market has reported strong growth across key market indicators this year, and has been attributed to increased investor participation, higher trading activity and continued confidence in Fiji’s capital market.
The South Pacific Stock Exchange (SPX) – the licensed stock market operator in the country – has reported that the year-to-date trading value reached $77.7 million, representing an increase of 166 per cent compared to the same period last year and marking the highest level of market turnover recorded since 2015.
Trading volume also increased significantly, rising 191 per cent more than 42.6 million shares, while the total number of trades went up nearly 65 per cent.
The stock exchange also achieved important milestones early in the year, with total trading volume surpassing the previous year’s full-year result on March 18, while total trading value exceeded the entire 2025 figure on April 21, highlighting the strong momentum experienced.
SPX chief executive officer Sheraj Obeyesekere told this newspaper that there had been a sustained increase of trading value from 2024, 2025 and now this year.
“We are hopeful that this is not just a single year spike and is a trend of improving activity in the market,” Mr Obeyesekere said in an e-mail interview.
Investor participation
Mr Obeyesekere said investor participation had continued to strengthen with 727 new investors entering the market as of July this year.
He said that represented a 202 per cent increase over the same period last year.
“New investor intake set a record in two consecutive months with 111 joining in June and 116 in July, the highest monthly figures on record.
“Since late 2024, SPX has undertaken an extensive awareness and outreach campaign directed at communities and everyday Fijians, aimed at building public understanding of stock market investment.
“The response has been encouraging.
“SPX and the licensed stockbroking firms have observed a steady improvement in retail investor participation, alongside growing interest from Fijians seeking to invest in the stock market for the first time.”
Mr Obeyesekere said the key driver of new investors entering the market was the Shreedhar Motors Ltd initial public offering (IPO) and their awareness activities – such as their presence at public events like that Fiji Showcase, Bula Festival and a basically a general increase in interest.
He said most investors are below 30 years of age “so we are seeing many young people coming into the market, which is positive”.
The CEO said those new investors were actively trading.
“Awareness activities are here to stay and now forms an integral part of the operation of our exchange.
“We will continue to find new ways to capture the imagination of the Fijian public.”
Value to shareholders
Listed companies have also continued to deliver value to shareholders.
Total dividends declared reached $55m by July this year, a 15 per cent increase compared to $48m declared during the same period last year.
According to the SPX, overall market indicators have also continued to strengthen.
Mr Obeyesekere said market capitalisation had increased to $4.05 billion, a 12.22 per cent increase year-on-year and its highest level since January 2020.
As at end July, he said the SPX market indices had recorded positive growth, with the SPX Total Return Index, which tracked both price movement and dividend returns of listed companies, recording 4 per cent growth since the start of 2026 and up 11.35 per cent year-on-year.
Series of firsts
Mr Obeyesekere said this year had produced a series of firsts for the stock exchange.
He said this was the first year in SPX’s history to record both equity and debt new listings.
He said the licensing of a new stockbroking firm, the first in 25 years, had expanded the market’s distribution capacity.
Asked what drove the milestone of listing both equity and debt for the first time in the SPX’s history, the CEO said: “Confidence by the companies that the stock market and investors can deliver on the funding needs of companies and also companies looking for alternative capital sources outside the banking system.”
He added their focus now was to fully expand the current wholesale corporate bond market and extending to unsecured retail debt.
Market development
The stock exchange is concurrently advancing a number of critical market development initiatives spanning technology enhancements, improvements to the regulatory framework, and new product development.
“These initiatives are expected to be consequential to the future growth and depth of the Fijian capital market,” Mr Obeysekere said.
He said they were also conducting a review of their listing regulation and upgrading their trading system, which were major structural reforms for a stock exchange.
Reflecting on the performance of the stock exchange, he said the results this year were not a single year’s outcome.
“They reflect a deliberate program of work begun in mid-2024, by the exchange and by the market as a whole, to make the Fijian stock market more visible, more accessible and more relevant to ordinary Fijians and the economy.”
Mr Obeysekere said those developments reflected the combined effort of listed companies, the licensed stockbroking firms, investment advisors and the Reserve Bank of Fiji (RBF), alongside the Exchange’s own market development program.
He said the SPX remained focused on the structural reforms ahead.
