Australian shares open 0.2pc higher; WAM Leaders lifts interim dividend by 12.5pc; Sezzle reports second month of profitability; South32 reduces guidance. Follow updates here.
Listed investment company Australian Foundation Investment Company lifted its fully franked interim dividend by 10 per cent to 11¢ a share.
The LIC’s portfolio returned 7.1 per cent for the half-year ended 31 December 2022, compared to the S“Short-term portfolio performance was impacted by adjustments in the market resulting from rising interest rates which produced a fall in the share price of many quality companies in the portfolio which had been trading at very robust valuations,” AFIC said.
“These companies are core holdings for the portfolio and have contributed strongly to long-term portfolio performance.” Investment income for the six months was $174.0 million, up from $159.4 million in the corresponding period last year. There was an increase in dividends across several of its holdings, with the biggest increases coming from Woodside Energy, Transurban, Mainfreight, Santos, National Australia Bank and Commonwealth Bank.
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