Local Equities Market
For the week ending October 27, 2023, the local stock market, measured by the Combined Index, advanced by 1.20%. The Main Market Index advanced by 1.25%, the Junior Market Index advanced by 0.80%, and the JSE USD Equities Index advanced by 0.76%. During the week, Cargo Handlers Limited was the largest gainer, rising by approximately 22.24% to close at $14.40. CAC 2000 Limited was the biggest decliner, which fell by 18.70% to close at $4.00.
Large-cap stocks, reflecting those listed on the Main Market Index are underperforming on a YTD basis, declining by 11.34%, relative to its Junior Market counterpart which has declined by 1.65%.
For the week ending October 27, 2023, overall Market activity resulted from trading in 121 stocks of which 61 advanced, 49 declined and 11 traded firm. Market volume amounted to 113,392,592 units valued at over $366,216,686.84. Paramount Trading Limited was the volume leader with 26,984,364 units (23.40%), followed by Wigton Windfarm Limited Ordinary Shares with 14,115,657 units (12.24%), and by Transjamaican Highway Limited with 11,991,303 units (10.40%).
Revisiting relevant news during the week:
Margaritaville Caribbean eyes another IPO
Margaritaville Caribbean Group said it is seriously considering an initial public offering (IPO) for its Margaritaville Jamaica business and could seek between US$4 million to US$5 million in the transaction. The potential sum being sought suggests that the company is aiming to list on the Main Market. Mayberry Investments has been engaged as the financial advisor on the deal.
Margaritaville Caribbean eyes another IPO
RJR shake-up
Radio Jamaica Limited, the parent company of the RJRGLEANER Communications Group, said Tuesday that its CEO Gary Allen will be stepping down from that role at the end of this year. Allen, who served for 15 years in the role, is to be replaced by Anthony Smith, who currently holds the position of deputy CEO for print and digital services in the media group.
RJR shake-up
‘Price Wars!’ – MDS challenged by other distributors for market share
Despite the continued growth in its top line, Medical Disposables & Supplies Limited (MDS) is seeing new headwinds as it fights what it describes as “price wars” against other distribution companies for market share.
‘Price Wars!’ – MDS challenged by other distributors for market share
GraceKennedy acquires Unibev to strengthen beverage sector
GraceKennedy Limited (GK) has officially acquired Unibev Limited, a prominent local beverage manufacturing company. The strategic move not only strengthens GK’s position in the Jamaican spring water market but also opens the door to a host of opportunities in the broader beverage sector.
GraceKennedy acquires Unibev to strengthen beverage sector
Lumber Depot hunts acquisitions
Hardware company Lumber Depot said it is on the lookout for new acquisitions as it positions itself to grow and increase shareholder value.
Lumber Depot hunts acquisitions
| Unit Trust Fund | 25/10/2023 | 18/10/2023 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 77.01 | 75.55 | 1.94% | -19.62% | -19.57% | - |
| Money Market | 16.1203 | 16.1192 | 0.01% | 3.77% | 4.88% | 5.02% |
| Income Portfolio | 100.00 | 100.00 | -0.00% | - | - | 5.64% |
| FX Bond Portfolio (US$) | 1.4003 | 1.3994 | 0.06% | 4.43% | 5.21% | 5.08% |
| Real Estate Portfolio | 12,689.23 | 12,753.45 | -0.50% | 59.88% | 143.51% | - |
| FX Growth Portfolio | 0.82 | 0.85 | -2.46% | -2.45% | -3.26% | - |
| FX Income Accumulator | 1.00 | 1.00 | 0.13% | -0.13% | - | 2.03% |
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