Jardine Cycle & Carriage shares surged 3.42% in intraday trading on Friday, as investors reacted to the company's declaration of a substantial special dividend alongside its half-year results.

The company announced an interim cash dividend of US¢28 per share and a special dividend of US¢73 per share, bringing the total payout to US¢1.01 per share. This significant return of capital to shareholders outweighed the report of an 11% decline in half-year underlying profit to US$473 million, driving the stock sharply higher.