June 25 (Bloomberg) -- Mauritius Commercial Bank, the country’s biggest lender by market value, advanced the most in almost three months after announcing a dividend payment.
The shares rose 1.2 percent, the most since March 30, to 170 rupees by the close in Port Louis. The 38-member SEMDEX gauge climbed 0.5 percent, the most since May 16, to 1,789.23.
MCB, as the bank is known, announced late on June 22 the payment of a final dividend of 3.25 rupees for fiscal 2012. Total dividend for the 12 months ending June 30 will be 5.85 rupees, compared with 5.75 rupees last year, data compiled by Bloomberg show.
The final dividend “implies that earnings will be similar as last year,” said Bhavik Desai, a research analyst at city-based Axys Stockbroking Ltd., in a phone interview today. “Given the current conditions, it’s a laudable performance.”
Gilbert Gnany, group chief strategy officer at the Port Louis-based lender, has cut its economic growth forecast to 3.4 percent this year from 3.6 percent, he said in a June 15 report.
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