Nike Stocks Jump More than 5% on Share Buyback

Nike stocks have jumped more than 5% after the company announced a dividend rise, a massive share buyback and a stock split.

The $12 billion buy-back, 14% dividend increase and share split were revealed on November 19 and sent the sportswear giant’s shares up almost 7 cents to $132.65.

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The buy-back will be spread out over the next four years.

Nike said it was “built for growth while staying committed to creating shareholder value.

“We’ve proved it time and again, having returned over $23 billion to shareholders over the last 14 years through repurchases and dividends.”

US-based Nike is the biggest sportswear maker in the world, and recently announced a sharp rise in profits thanks largely to rising sales in China.

Profits for the three months to the end of August were $1.18 billion, up nearly a quarter from a year earlier.