Market Updates | Barita Insights | February 26, 2024

For the week ending February 23, 2024, the local stock market, measured by the Combined Index, declined by 0.90%. The Main Market Index declined by 0.94%, the Junior Market Index declined by 0.46%, and the JSE USD Equities Index advanced by 2.33%. During the week, Wigton Windfarm Limited was the largest gainer, rising by approximately 23.66% to close at $1.15. KLE Group Limited was the biggest decliner, which fell by 20.08% to close at $1.91.

Large-cap stocks, reflecting those listed on the Main Market Index are overperforming on a YTD basis, increasing by 2.14%, relative to its Junior Market counterpart which has declined by 1.38%.

For the week ending February 23, 2024, overall Market activity resulted from trading 124 stocks of which 54 advanced, 61 declined and 9 traded firm. Market volume amounted to 200,262,040 units valued at over $890,727,930.90. Wigton Windfarm Limited was the volume leader with 64,827,733 units (32.03%), followed by TransJamaican Highway Limited with 28,039,212 units (13.86%), and by Derrimon Trading Company Limited with 22,947,487 units (11.34%).

Revisiting relevant news during the week:

Massy plans expanded gas production in Jamaica
Massy Holdings said it is exploring opportunities to expand its gas manufacturing business in Jamaica, with its eyes trained on the export market. The company also committed itself to maintaining a competitive market for liquefied petroleum gas (LPG), which is used chiefly for cooking in Jamaica.
Massy plans expanded gas production in Jamaica

BOJ bares teeth at inflation
The Bank of Jamaica (BOJ) is starting to ‘bare its teeth’ at inflation again, signalling in its most aggressive language in more than a year that interest rate increases could resume soon, with inflation expected to remain elevated over the next few months.
BOJ bares teeth at inflation

CPJ profit rises on expanded product offerings, improved sales channels
An expanded line of product offerings as well as the development of existing sales channels, including its online retail store, were said to be the primary drivers of improved performance recorded by speciality food distributor Caribbean Producers Jamaica Limited (CPJ) for its second quarter ending December 2023.
CPJ profit rises on expanded product offerings, improved sales channels

FESGAS heats up LPG market
Less than a year after entering the liquid petroleum gas (LPG) market locally, FESGAS, the cooking gas arm of FESCO, said it has made significant strides in the space even as it remains on the hunt to capture a greater portion of market share.
FESGAS heats up LPG market

FESCO delays dividends to fuel expansion
Future Energy Source Co Limited (FESCO) is asking shareholders to hold strain for now as it pumps more into its expansion efforts. While shareholders can anticipate increased profitability, dividends will not be disbursed this year, extending into the following year.
FESCO delays dividends to fuel expansion

NCB Financial ready for significant capital events
NCB Financial Group Limited (NCBFG) is gearing up for several multi-billion-dollar transactions in 2024, amidst changes to regulatory standards and in a bid to address the needs of its nearly 45,000 shareholders.
NCB Financial ready for significant capital events