Local Equities Market
For the week ending October 04, 2024, the local stock market, measured by the Combined Index, improved by 0.08%. The Main Market Index improved by 0.14%, the Junior Market Index decline by 0.56%, and the JSE USD Equities Index declined by 1.94%. During the week MFS Capital Partners Limited was the largest gainer, rising by approximately 15.38% to close at $0.75. MPC Caribbean Clean Energy Limited USD was the biggest decliner, which fell by 23.93% to close at $0.54.
Small-cap stocks, reflecting those listed on the Junior Market Index are outperforming on a YTD basis, decreasing by 1.82%, relative to its Main Market counterpart which has declined by 3.77%.
For the week ending October 04, 2024, overall market activity resulted from trading 125 stocks of which 50 advanced, 63 declined and 12 traded firm. Market volume amounted to 179,221,133 units valued at over $1,061,364,992.15. Wigton Windfarm Limited Ordinary Shares with 25,949,043 units (14.10%), followed Sagicor Select Funds Limited – Financial with 21,523,870 units (11.70%) and by Transjamaican Highway Limited with 18,500,615 units (10.05%).
Revisiting relevant news during the week:
BOJ reduces interest rate to 6.5%
Kingston, Jamaica – The Bank of Jamaica (BOJ) cut interest rates by 25 basis points (bps) to 6.50 per cent per annum, in a move the central bank said Monday is based on an improvement in the inflation outlook.
BOJ reduces interest rate to 6.5%
Innovative Energy to issue new shares for acquisition
Innovative Energy Group Limited (IEGL) will approach its shareholders in January 2025 to request permission to issue new ordinary shares for the acquisition of Innovative Energy Company DBA IEC SPEI Limited.
Innovative Energy to issue new shares for acquisition
Lasco Manufacturing close to inking major US retail deal
Lasco Manufacturing is close to securing a distribution deal with a major US retail chain.
Lasco Manufacturing close to inking major US retail deal
MPC Caribbean completes reorganisation
Barbadian investment holding company MPC Caribbean Clean Energy Limited (MPCCEL) has completed its structural reorganisation which has given it direct economic access to several renewable energy assets.
MPC Caribbean completes reorganisation
Securing shareholder approval this week to carry through a name change, the directors of Kintyre Holdings (JA) Limited (formerly iCreate Limited) is now on the move to grow its new investment holding company through a number of acquisitions being lined up.
Kintyre Holdings bullish on acquisitions
NROCC principal repayment: 2023 vs 2024 market dynamics
As the landscape of fixed-income investments continues to change, the upcoming maturity of NROCC (National Road Operation and Construction Company Ltd) 9.375 per cent bonds presents both opportunities and challenges for investors as they find themselves at a crossroads concerning their next steps. With the maturity date approaching in November 2024, it is crucial for bondholders to devise effective strategies for reinvestment. This juncture provides an excellent opportunity for investors to reassess their strategies, consider market dynamics, and make informed decisions regarding reinvestment.
NROCC principal repayment: 2023 vs 2024 market dynamics
| Unit Trust Fund | 03/10/2024 | 26/09/2024 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 77.39 | 75.16 | 2.96% | -3.91% | 3.64% | - |
| Money Market | 16.8750 | 16.8874 | -0.07% | 3.58% | 4.47% | 5.60 |
| Income Portfolio | 100.00 | 100.00 | - | - | - | 6.11% |
| FX Bond Portfolio (US$) | 1.4707 | 1.4607 | 0.68% | 3.29% | 5.20% | 4.96% |
| Real Estate Portfolio | 17,710.68 | 6,299.13 | 8.66% | 40.69% | 39.16% | - |
| FX Growth Portfolio | 1.1797 | 1.1394 | 3.54% | 39.91% | 39.91% | - |
| FX Income Accumulator | 1.0266 | 1.0279 | -0.13% | 1.14% | 2.61% | 3.21% |
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