Local Equities Market
For the week ending February 16, 2024, the local stock market, measured by the Combined Index, advanced by 0.07%. The Main Market Index advanced by 0.18%, the Junior Market Index declined by 0.90%, and the JSE USD Equities Index declined by 0.82%. During the week, Ttech Limited was the largest gainer, rising by approximately 20.87% to close at $2.49. Sterling Investments Limited USD was the biggest decliner, which fell by 15.00% to close at USD0.02.
Large-cap stocks, reflecting those listed on the Main Market Index are overperforming on a YTD basis, increasing by 3.12%, relative to its Junior Market counterpart which has declined by 0.92%.
For the week ending February 16, 2024, overall Market activity resulted from trading 123 stocks of which 55 advanced, 60 declined and 8 traded firm. Market volume amounted to 121,948,660 units valued at over $471,260,884.66. TransJamaican Highway Limited was the volume leader with 34,923,917 units (28.26%), followed by Wigton Windfarm Limited with 20,730,234 units (16.77%) and by QWI investment Limited with 13,742,511 units (11.12%).
Revisiting relevant news during the week:
Innovative Systems launches branded paper products
After weeks of employing mascots dressed in full black at various locations across Jamaica as a marketing strategy, local technology and stationery distributor Innovative Systems Limited unveiled the latest addition to its suite of products — branded legal and letter-size printing papers.
Innovative Systems launches branded paper products
Inflation touches one-year high
Consumer prices dipped in the month of January for the first time in 10 months as the Government’s decision to reduce adult fares for the Jamaica Urban Transit Company took effect and some agricultural prices eased off Christmas highs. The dip in prices in January was, however, not enough to offset inflationary impulses impacting the country over the last 12months
Inflation touches one-year high
Massy eyes US expansion
Massy Holdings has set its sights on expanding in the United States and Latin America as it consolidates its operation under three core businesses — integrated retail, gas products, and motors and machines.
Massy eyes US expansion
Wigton takeover pending
Ahead of the shareholder cap expiration in May, several investment firms and institutional investors are scouting the market for more shares in Wigton Windfarm, in hopes of gaining significant influence in the cash-rich, renewable energy business.
Wigton takeover pending
Lasco companies migrate to Main Market
Two affiliated companies Lasco Manufacturing (LASM) and Lasco Distribution (LASD) will migrate to the Main Market of the Jamaica Stock Exchange (JSE) on March 27, one year after breaking the $500-million ceiling on share capital for junior stock market companies.
Lasco companies migrate to Main Market
Bets off on early US rate cut on January inflation number
Fedwatchers in the United States are calling off bets that the Federal Reserve, the US central bank, will start cutting its policy rates at its meeting scheduled for April 30 to May 1 after inflation data released on Tuesday show consumer prices rose at a slightly stronger pace in January compared to December.
Bets off on early US rate cut on January inflation number
| Unit Trust Fund | 13/02/2024 | 07/02/2024 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 76.07 | 77.21 | -1.48% | -5.55% | -12.95% | - |
| Money Market | 16.3975 | 16.3822 | 0.09% | 0.65% | 4.94% | 5.34% |
| Income Portfolio | 100.00 | 100.00 | - | - | - | 6.14% |
| FX Bond Portfolio (US$) | 1.4228 | 1.4334 | -0.74% | -0.07% | 5.58% | 5.73% |
| Real Estate Portfolio | 12,809.11 | 12,707.65 | 0.80% | 1.75% | 59.74% | - |
| FX Growth Portfolio | 0.9854 | 0.99 | -0.46% | 8.69% | - | |
| FX Income Accumulator | 1.0118 | 1.0147 | -0.29% | -0.32% | 0.65% | 4.43% |
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