The stock value for Spark New Zealand Ltd [NZX:SPK] has experienced an upswing by over 3% today.
Spark is New Zealand largest telecommunications company. It has an extensive network in the country, providing landline, mobile and internet services.
At the time of writing, the company has a market capitalisation of $7.656 billion. The share price currently sits at $4.170.
What’s behind the positive performance by [NZX:SPK] today?
This morning, Spark announced a yearly profit of $409 million. This represents a 12.1% increase in profit, or $44 million.
The news was received very warmly by analysts. The accounting figures proved to be better than the anticipated $394 million.
This has given rise to a bullish sentiment, hence the enthusiastic buy-in by investors.
What will happen next with Spark?
Spark directors have announced that dividend payments to investors will be on track to match what was given out in 2018. It is projected that these dividends will be maintained in the 2020 financial year.
Naturally enough, this good news has buoyed the mood of the market as a whole. An upward trajectory in share value for Spark may be expected in the short- to medium-term.
Regards,
John Ling,
Contributor, WealthMorning.com