Fonterra Cooperative Group (ASX:FCG) shares saw an increase of 2.26% reaching NZ$3.17, the highest level since August 2.

This marks the company’s most significant intraday percentage gain since May 25.

The dairy co-op announced expectations of paying dividend at the top end of its dividend policy, which lies between 40% to 60% of its normalized earnings.

The company expects to conclude the year at the topmost end of its FY23 normalised earnings forecast.

To date, Fonterra Cooperative Group’s stock has seen a 19.2% increase this year.

Fonterra Cooperative Group is a leading global dairy co-op based in New Zealand.