Discovery share rallies even after it withholds interim dividend
CEO Adrian Gore says the group will revisit its decision to withhold ordinary dividends at the end of the current financial year
Discovery’s share price rallied to a 10-month high even after the insurer again withheld dividends as it continues to monitor the impact of Covid-19 lockdowns on its Chinese operations while pushing ahead with investment in new business initiatives.
The continuation of Discovery’s strategy of withholding dividends, which began with the arrival of Covid-19 in 2020, came after it said on Thursday that net profit attributable to shareholders fell 11% to R2.943bn in the six months to end-December 2022. Even so, the group’s share price still climbed as much as 4.4% to R148.56, the highest intraday level since May 5 2022, before paring gains to close at R145.35...
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