NEM Insurance Share Price Pops After Dividend Announcement

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NEM Insurance Plc released its much awaited 2013 full year results showing 22% drop in earnings per share.  The company also released its 9 months results indicating another drop in year on year earnings.

However, the company proposed a 6 kobo per share dividends which soothe investors never giving the stock a 4% rise. The share price was actually down shortly after it posted its audited accounts but started to attract bids after dividens were announced.

Buying at this current price suggest a 7.5% gross dividend yield. I would not bet on the stock crossing N1 this year.