Market Updates | Barita Insights | November 18, 2024

For the week ending November 15, 2024, the local stock market, measured by the Combined Index, declined by 1.43%. The Main Market Index declined by 1.33 %, the Junior Market Index declined by 2.55%, and the JSE USD Equities Index declined by 9.11%. During the week TransJamaican Highway Limited   was   the largest gainer, rising by approximately 9.97% to close at $3.97. Medical Disposables & Supplies Limited was the biggest decliner, which fell by 26.89% to close at $1.55.

Small-cap stocks, reflecting those listed on  the  Main  Market Index are outperforming on a YTD basis, decreasing by 3.75%, relative to its Junior Market counterpart which has declined by 4.20%.

For the week ending November 15, 2024, overall market activity resulted from trading in 128 stocks of which 38 advanced, 82 declined and 8 traded firm. Market volume amounted to 223,079,430 units valued at over $950,978,128.19. Dolla Financial Services Limited with 93,813,381 units (41.20%), followed by Wigton Energy Limited with 23,186,182 units (10.18%) and tTech Limited with 21,338,836 units (9.37%).

Revisiting relevant news during the week:

Ahead of new inflation report, BOJ warns slow move downwards for interest rates
After slashing its key interest rate twice by a quarter percentage point in its August and September meetings, bringing it to 6.5 per cent, the Bank of Jamaica (BOJ) has indicated that future reductions will continue in a similarly measured way despite inflation expected to ease faster than previously predicted. The indication came in the minutes of the September 26 and 27, 2024 meeting of the central bank’s monetary policy committee (MPC).
Ahead of new inflation report, BOJ warns slow move downwards for interest rates

Massy Gas pioneers medical oxygen exports from Jamaica
Massy Gas Products Jamaica has exported the country’s first locally produced medical-grade oxygen and said it has plans to make the shipments regular enough to have export earnings from the gas accounting for “a double-digit percentage” in terms of the company’s overall revenues.
Massy Gas pioneers medical oxygen exports from Jamaica

Beryl and global outage swing Lasco Financial into losses
The passage of Hurricane Beryl and a one-week global outage from MoneyGram International Inc were significant enough to send Lasco Financial Services Limited (LASF) from a $37.19-million net profit to a $8.64-million net loss for its second quarter (July to September).
Beryl and global outage swing Lasco Financial into losses

GK looks to close year on positive note
Following a recent adjustment in top level management, food and financial conglomerate GraceKennedy Limited (GK) is looking to close out the year on a positive note as revenue and profit for the company continues to move upwards, settling at $126.4 billion and $7.1 billion at the end of the September nine- month period.
GK looks to close year on positive note

AUDIT BOMBSHELL
Technology distribution company Productive Business Solutions Limited (PBS) has sacked several executives from its Costa Rican business following the completion of a recent 2023 financial audit which resulted in the company having to restate the last two years of its prior financials, including its 2022 consolidated net profit from US$8.48 million to US$2.87 million.
AUDIT BOMBSHELL

JHTA ‘encouraged’ ahead of winter tourist season
With the US elections now over and as stock markets in that country continue to surge in its aftermath, president of the Jamaica Hotel and Tourist Association (JHTA) Robin Russell has expressed confidence that the local tourist industry is likely to enjoy another strong winter tourist season.
JHTA ‘encouraged’ ahead of winter tourist season