Market Updates | Barita Insights | May 8, 2023

Local Equities Market

For the week ended May 5, 2023, the local stock market as measured by the Combined Index declined by 0.79%. The Main Market Index declined by 0.95%, the Junior Market Index advanced by 8.29%. During the week, Productive Business Solution Limited USD Ordinary Shares was the largest gainer, rising by approximately 18.75% to close at USD 1.90. The biggest decliner was KLE Group Limited, which fell by 20.30% to close at $1.61.

Small-cap stocks, reflecting those listed on the Junior Market Index have outperformed on a YTD basis, declining by 5.58%, relative to its Main Market counterpart which has declined by 5.91%.

For the week ended May 5, 2023, overall market activity resulted from trading in 127 stocks of which 54 advanced, 60 declined and 13 traded firm. Market volume amounted to 98,229,275 units valued at over $611,341,415.72. Transjamaican Highway Limited was the volume leader with 24,128,267 units (22.20%), followed by Carreras Limited with 12,422,015 units (12.46%) and then Wigton Windfarm with 9,716,202 units (9.74%).

Revisiting relevant news during the week:

Berger Paints targets doubling capacity
Following flat sales growth in 2022 and the inflationary impact on earnings, Berger Paints Jamaica Limited will be
retooling its operations as it plans to double its capacity and improve its plan to expand in the Caribbean.
Berger Paints targets doubling capacity

Key locks digital for growth
Even as it continues to execute a successful turnaround strategy, general insurer Key Insurance Limited is looking to deepen digital services as streamline processes and leverage technology to enhance speed, accuracy and reliability across its operation.
Key locks digital for growth

Paramount aims to quadruple business
Paramount Trading (Jamaica) has set its sights on an aggressive target of quadrupling both its revenues and profits by 2027 as it builds out its manufacturing arm to satisfy demand for its products in the local and export markets.
Paramount aims to quadruple business

Alliance Financial to become instant payment provider
Following the exodus of Alliance Financial Services Limited (AFSL) from the bill payment space in December 2021, the remittance and cambio company is now seeking to re-enter that market as it builds out its presence across Jamaica.
Alliance Financial to become instant payment provider

JPS rakes in US$1b in 2022
The Jamaica Public Service Company (JPS) is reporting revenues of more than US$1 billion in 2022, as demand recovered from the COVID-19 slump at a time when electricity prices reached the highest they had been for more than a decade.
JPS rakes in US$1b in 2022

Pioneer Manufacturing taps capital markets
Pioneer Manufacturing Distribution Company Limited has set its sight on going public this year and has tapped NCB Capital Markets Limited (NCBCM) to arrange financing with the funds already earmarked for the company’s regional expansion plan over the next five years. The company however declined to say how much it will seek to raise in the proposed initial publicoffering (IPO) or when the prospectus will be made available.
Pioneer Manufacturing taps capital markets

JPS power plant cuts emissions 59 per cent
The new liquefied natural gas (LNG) power plant at Old Harbour, St Catherine, has helped reduced the carbon footprint from power generation in Jamaica by almost 60 per cent and will go a far way in helping the country to come into alignmemt with the climate change goals, according to minister with responsiblity for water, environment and climate change, Senator Matthew Samuda.
JPS power plant cuts emissions 59 per cent