Local Equities Market
For the week ending June 21, 2024, the local stock market, measured by the Combined Index, declined by 2.65%. The Main Market Index declined by 2.73%, the Junior Market Index declined by 1.73%, and the JSE USD Equities Index declined by 1.64%. During the week, Icreate Limited – was the largest gainer, rising by approximately 46.34% to close at $0.60. Edufocal was the biggest decliner, which fell by 22.22% to close at $0.63.
Large-cap stocks, reflecting those listed on the Main Market Index are overperforming on a YTD basis, decreasing by 3.81%, relative to its Junior Market counterpart which has declined by 5.07%.
For the week ending June 21, 2024, overall market activity resulted from trading in 124 stocks of which 39 advanced, 73 declined and 12 traded firm. Market volume amounted to 87,544,283 units valued at over $668,852,360.99. Sagicor Select Funds Limited- Financial was the volume leader with 10,997,949 units (12.41%), followed by Omni Industries Limited with 9,074,431 units (10.24%), and by Transjamaican Highway Limited with 8,822,709 units (9.96%).
Revisiting relevant news during the week:
SFC rescues JMMB bottom line from Niquan write-off
Despite JMMB Group Limited (JMMBGL) reporting a $11.85- billion consolidated net profit, Sagicor Financial Company Limited (SFC) rescued JMMBGL’s bottom line after it reported a $12.62-billion (US$81.59 million) impairment which was largely attributed to Niquan Energy Trinidad Limited.
SFC rescues JMMB bottom line from Niquan write-off
Sagicor’s $6-b bet on Spanish Town paying off
President and CEO of Sagicor Group Jamaica, Chris Zacca, has no qualms about admitting that his company took a bet on Spanish Town, St Catherine, when it decided to invest $6 billion in the construction of a mixed-use development on Brunswick Avenue.
Sagicor’s $6-b bet on Spanish Town paying off
Fosrich Group of Companies is charging forward with its expansion and solar financing plans. The company recently opened an office in Tennessee, in the United States, as a gateway into the market in that country.
FosRich plugged into US market and solar financing
Suspension lifted
ICreate chairman and CEO Tyrone Wilson has vowed that he will do everything in his power to ensure that issues leading to the suspension of the stocks’ trading on the Jamaica Stock Exchange (JSE) over the last five months do not recur after completing “a well-needed exercise” to comply with regulatory rules, though he admits that the process took longer than he would have liked. The development comes after the company on Thursday posted results showing a return to profitability in the January to March quarter.
Suspension lifted
Dolla hunting for $2b in new financing
With an asset base of more than $3 billion and growing demand from the Jamaican market, microcredit firm Dolla Financial Services Limited will be approaching the capital markets for another $2 billion in financing for its ambitious growth plans.
Dolla hunting for $2b in new financing
Inflation dips for fourth-straight month
Inflation in Jamaica eased in May for a fourth-straight month, a hopeful sign that an acceleration of prices that occurred late last year may have passed. The trend, if it holds, could move the Bank of Jamaica closer to cutting its benchmark interest rate from its 13-year peak.
Inflation dips for fourth-straight month
| Unit Trust Fund | 19/06/2024 | 12/06/2024 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 75.4278 | 76.12 | -0.91% | -6.35% | -4.04% | - |
| Money Market | 16.6662 | 16.6409 | 0.15% | 2.30% | 4.81% | 5.47% |
| Income Portfolio | 100.00 | 100.00 | - | - | - | 6.39% |
| FX Bond Portfolio (US$) | 1.4626 | 1.4615 | 0.08% | 2.72% | 6.41% | 4.81% |
| Real Estate Portfolio | 16,167.94 | 16,189.16 | -0.13% | 28.43% | 32.14% | - |
| FX Growth Portfolio | 1.0863 | 1.0781 | 0.76% | 13.97% | 21.45% | - |
| FX Income Accumulator | 1.0208 | 1.0196 | 0.12% | 0.56% | 1.15% | 3.54% |
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