Local Equities Market
For the week ending September 15, 2023, the local stock market, measured by the Combined Index, declined by 1.58%. The Main Market Index decreased by 1.88%, the Junior Market Index advanced by 0.99%, and the JSE USD Equities Index advanced by 5.31%. During the week, First Rock Real Estate Investments Limited (USD) was the largest gainer, rising by approximately 67.25% to close at USD 0.07. Ciboney Group Limited was the biggest decliner, which fell by 13.85% to close at $1.12.
Large-cap stocks, reflecting those listed on the Main Market Index are underperforming on a YTD basis, declining by 11.67%, relative to its Junior Market counterpart which has declined by 3.94%
For the week ending September 15, 2023, overall market activity resulted from trading in 123 stocks of which 51 advanced, 58 declined and 14 traded firm. Market volume amounted to 98,932,995 units valued at over $702,047,056.01. Key Insurance Company Limited was the volume leader with 33,390,626 units (32.79%), followed by Transjamaican Highway Limited with 8,593,557 units (8.44%), and by Wigton Windfarm Limited Ordinary Shares with 6,863,056 units (6.74%).
Revisiting relevant news during the week:
Scotia profits swell amid strong segment performances
Despite high interest rate challenges and other headwinds impacting the financial environment, Scotia Group continued to witness strong results, delivering solid profit out-turns and commendable segment performances up to the end of its nine-month period in July.
Scotia profits swell amid strong segment performances
Indies Pharma benefits from ‘loyalty and trust’
A strong pipeline of products; customer loyalty and trust; and cost control and efficiency are the main factors responsible for a strong financial showing from Junior Market-listed pharmaceutical company Indies Pharma. This is the view of founder and CEO Dr Guna Muppuri, who was commenting on the company’s nine months unaudited financial results ending July 31, 2023.
Indies Pharma benefits from ‘loyalty and trust’
‘All roads lead to dividends’
NCB Financial Group Chairman Michael Lee-Chin said the company aims to use the proceeds from its impending additional public offering (APO) to clear debts and expand its footprint into new territories. He also added that the funds will help the financial conglomerate in its quest to resume dividend payments.
‘All roads lead to dividends’
General Accident graduating to Main Market
General Accident Insurance Company Jamaica Limited (Genac) will become the fourth company to graduate from the Junior Market to the Main Market of the Jamaica Stock Exchange (JSE) on September 27.
General Accident graduating to Main Market
Listed funds have mixed half-year
While the overall stock market has seen double-digit declines, different listed funds on the Jamaica Stock Exchange (JSE) have seen mixed performances in their financial performance and stock price.
Listed funds have mixed half-year
| Unit Trust Fund | 13/09/2023 | 06/09/2023 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 73.94 | 73.30 | 0.87% | -22.83% | -22.66% | - |
| Money Market | 16.0827 | 16.0624 | 0.13% | 3.52% | 4.43% | 4.78% |
| Income Portfolio | 100.00 | 100.00 | -0.00% | - | - | 5.66% |
| FX Bond Portfolio (US$) | 1.3998 | 1.3977 | 0.15% | 4.39% | 4.30% | 5.02% |
| Real Estate Portfolio | 12,666.56 | 12,670.65 | -0.03% | 59.60% | 232.43% | - |
| FX Growth Portfolio | 0.8827 | 0.8798 | 0.33% | 4.38% | 0.37% | - |
| FX Income Accumulator | 1.0031 | 1.0040 | -0.09% | 0.17% | - | 2.01% |
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