Local Equities Market
For the week ended March 24, 2023, the local stock market as measured by the Combined Index declined by 1.13%. The Main Market Index declined by 0.93%, the JSE Junior Market Index declined by 2.85%, and the JSE USD Equities Index increased by 13.29%. During the week, Key Insurance was the largest gainer, rising by approximately 32.58% to close at $3.50. The biggest decliner was Caribbean Flavours & Fragrances, which fell by 25.90% to close at $1.03.
Small-cap stocks, reflecting those listed on the Junior Market Index have slightly outperformed on a YTD basis, declining by 8.96%, outpacing its Main Market counterpart which has declined 9.41%.
For the week ended March 24, 2023, overall market activity resulted from trading in 123 stocks of which 38 advanced, 78 declined and 7 traded firm. Market volume amounted to 146,219,573 units valued at over $497,337,749.76. TRANSJAMAICAN HIGHWAY was the volume leader with 33,902,708 units (20.07%), followed by FIRST ROCK REAL ESTATE INVESTMENTS LIMITED (USD) with 19,351,773 units (11.46%) and then WIGTON WINDFARM LIMITED with 15,730,977 units (9.31%)
Revisiting relevant news during the week:
Analysts expect BOJ to hold rates
Local analysts believe the Bank of Jamaica (BOJ) will hold rates next week, especially after the Federal Reserve — the US central bank — raised its key interest rate by a quarter-point on Wednesday, despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system. The Fed’s rate hike follows on from the European Central Bank (ECB) raising rates by 0.50 per cent last week.
Analysts expect BOJ to hold rates
Wigton signs deal to provide power for Essex Valley
Agriculture projectChairman of the Wisynco Group William Mahfood said the company could return some of its production overseas to satisfy growing demand in its export markets even though its focus now is on expanding local production.
Wigton signs deal to provide power for Essex Valley
EduFocal announces strategic partnership with Design
EduFocal Limited announced that it has entered into a strategic partnership with Design Privacy Limited, a provider of data privacy consultancy services, to collaborate on the creation and delivery of a groundbreaking “foundation data protection course” and related e-learning content.
EduFocal announces strategic partnership with Design Privacy
Dolla hunting cash to expand loan book and country locations
Microlender Dolla Financial Services approached investors again for capital, having already run through the $1.2 billion raised less than a year ago, says CEO Kadeen Mairs. Dolla is seeking US$5 million, or around $750 million in local currency, from undisclosed American interests. Mairs would not say which institution, only that Dolla managed to secure the funds at four per cent interest. Dolla hunting cash to expand loan book and country locations.
Dolla hunting cash to expand loan book and country locations
JP acquires Belgian company
Jamaica Producers Group (JP) has completed yet another acquisition of a beverage manufacturer in Europe. In a release on the Jamaica Stock Exchange on Tuesday, the company announced 100 per cent acquisition of the Juice Group NV and HPP Belgium NV, which positions the company to become a market leader in the fresh juice industry in Europe, operating in three countries.
JP acquires Belgian company
| Unit Trust Fund | 22/03/2023 | 15/03/2023 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 80.48 | 82.63 | -2.60% | -16.00% | -12.98% | - |
| Money Market | 15.6408 | 15.6283 | 0.08% | 0.68% | 3.15% | 4.72% |
| Income Portfolio | 100.00 | 100.00 | - | - | - | 5.10% |
| FX Bond Portfolio (US$) | 1.3578 | 1.3575 | 0.02% | 1.26% | 0.24% | 4.73% |
| Real Estate Portfolio | 7,918.10 | 7,951.51 | -0.42% | -0.23% | 1325.95% | - |
| FX Growth Portfolio | 0.88 | 0.86 | 2.17% | 3.97% | -13.04% | - |
| FX Income Accumulator | 1.0104 | 1.0073 | 0.31% | 0.90% | - | 0.63% |
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