Local Equities Market
For the week ending September 27, 2024, the local stock market, measured by the Combined Index, improved by 2.44%. The Main Market Index improved by 2.38%, the Junior Market Index improved by 3.10%, and the JSE USD Equities Index declined by 0.67%. During the week MPC Caribbean Clean Energy Limited USD was the largest gainer, rising by approximately 24.58% to close at $0.71. Main Event Entertainment Group was the biggest decliner, which fell by 11.35% to close at $11.48.
Small-cap stocks, reflecting those listed on the Junior Market Index are outperforming on a YTD basis, decreasing by 1.27%, relative to its Main Market counterpart which has declined by 3.90%.
For the week ending September 27, 2024, overall market activity resulted from trading 126 stocks of which 86 advanced, 33 declined and 7 traded firm. Market volume amounted to 182,986,312 units valued at over $2,812,863,019.80. Transjamaican Highway Limited with 33,439,568 units (18.20%), followed NCB Financial Group Limited with 29,886,734 units (16.26%) and by Wigton Windfarm Limited with 20,590,613 units (11.21%).
Revisiting relevant news during the week:
FESCO seeks permit renewal amid regulatory hiccup at LPG facility
Future Energy Source Company Limited (FESCO) is addressing what managing director Jeremy Barnes has described as a minor regulatory issue at its liquefied petroleum gas (LPG) plant in Bernard Lodge, St Catherine, after the National Environment and Planning Agency (NEPA) denied its application for an environmental permit to continue operating the facility.
FESCO seeks permit renewal amid regulatory hiccup at LPG facility
Dolla raising $1 billion bond
Dolla Financial Services Limited is seeking to raise $1-$1.5 billion in the coming days through a secured bond to fund its growing loan portfolio.
Dolla raising $1 billion bond
ISP Finance engages investment banker to accelerate acquisition plans
ISP Finance Services Limited (ISP) has taken another step toward expanding through acquisitions, announcing that it has now engaged an investment banker to explore and structure potential growth opportunities. The move signals the microlender’s continued ambition to diversify its portfolio and enhance its market position.
ISP Finance engages investment banker to accelerate acquisition plans
What about food security?
Jamaica gained Independence in 1962 and seven years later the British currency was replaced by our local currency. In September 1969 when the local currency was introduced the exchange rate was US$1 to $1.26 and on the last trading date on September 20, 2024 the exchange rate was US$1 to $158.8, mirroring an inverse relationship with agricultural production and the foreign exchange rate.
What about food security?
Tropical Battery Company has launched sales of Tesla electric vehicles through its subsidiary, Tropical Mobility. The company is also investing in comprehensive training for automotive technicians to provide expert after-sales support.
Tropical Battery diversifies with Tesla
| Unit Trust Fund | 26/09/2024 | 26/09/2024 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 75.16 | 74.69 | 0.63% | -6.68% | 1.99% | - |
| Money Market | 16.8874 | 16.8952 | -0.05% | 3.66% | 4.57% | 5.68% |
| Income Portfolio | 100.00 | 100.00 | - | - | - | 6.23% |
| FX Bond Portfolio (US$) | 1.4607 | 1.4589 | 0.12% | 4.36% | 2.59% | 5.00% |
| Real Estate Portfolio | 16,299.13 | 16,322.27 | -0.14% | 29.47% | 28.18% | - |
| FX Growth Portfolio | 28.18% | 1.1166 | 2.04% | 32.86% | 32.86% | - |
| FX Income Accumulator | 1.0279 | 1.0266 | 0.13% | 1.27% | 2.58% | 3.30% |
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