STO stock price surges to record highs
According to stock market data, STO shares have been trading at MVR 1,000 since the second half of the year.
Shares of STO, the largest government-owned business company, surged to record highs on Monday.
According to stock market data, STO shares have been trading at MVR 1,000 per share since the second half of the year.
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In the fourth quarter of the year, the price of a share climbed to MVR 1,330 per share
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At the start of the year, the stock was trading at MVR 650
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After the second quarter, STO's shares were sold in the market at an average price of MVR 1,300 per share.
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Last year, STO's shares were bought and sold at an average price of MVR 500
Asked about the rise in share prices, the company said that the share price surge showed that public and investor confidence in the company has increased.
"The company's profits are rising year-on-year, along with our ability to return a good amount to investors as dividends," it said.
Financial highlights of STO:
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STO Q3 net profit rose MVR 168 million
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STO had posted a profit of MVR 185.7 million last year as well
