March 4 (Bloomberg) -- Aksa Akrilik Kimya Sanayii AS rose the most in more than a month after the Turkish maker of acrylic fiber proposed a dividend.
The shares jumped 3.2 percent to 5.24 liras at the close in Istanbul, the biggest gain since Jan. 24. About 2.3 million shares changed hands, or 1.8 times the stock’s three-month average daily volume. The ISE National 100 index advanced 0.9 percent.
Aksa will pay a cash dividend of 0.484 lira a share for last year, the board said after the market closed on March 1. The payment -- 89.6 million liras ($49.7 million) -- will be made on March 28 after the board secures shareholders’ approval, according to a company filing with the Istanbul Stock Exchange.
“This amounts to a dividend yield of about 10 percent and, as the stock’s gain shows, that’s higher than what investors were expecting,” Hasan Bayhan, an analyst at Global Securities in Istanbul, said in a phone interview today. “We may see a continuation of this strong performance to March 28.”
Bayhan, who said he was expecting a dividend yield of 6 percent, has a buy recommendation on Aksa shares with a 12-month price target of 6.5 liras.
Aksa’s consolidated net income was 166 million liras ($92.1 million) in 2012, according to data compiled by Bloomberg. Operating income surged 66 percent to 236.2 million liras, while sales declined 3 percent to 1.63 billion liras, according to a company filing on Feb. 26.
To contact the reporter on this story: Taylan Bilgic in Istanbul at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Maedler at email@example.com