Market Updates | Barita Insights | November 25, 2024

For the week ending November 22, 2024, the local stock market, measured by the Combined Index, declined by 0.50%. The Main Market Index declined by 0.48 %, the Junior Market Index declined by 0.74%, and the JSE USD Equities Index improved by 9.73%. During the week Productive Business Solution Ltd USD Ordinary Shares was the largest gainer, rising by approximately 21.23% to close at $1.77. Radio Jamaica Limited was the biggest decliner, which fell by 19.17% to close at $0.97.

Small-cap stocks, reflecting those listed on the Main Market Index are outperforming on a YTD basis, decreasing by 4.21%, relative to its Junior Market counterpart which has declined by 4.91%.

For the week ending November 22, 2024, overall market activity resulted from trading in 129 stocks of which 46 advanced, 65 declined and 18 traded firm. Market volume amounted to 136,542,392 units valued at over $951,064,139.04. Transjamaican Highway Limited with 28,799,961 units (18.02%), followed by Wigton Energy Limited with 20,437,814 units (12.78%) and Transjamaican Highway Limited USD with 17,788,589 units (11.13%).

Revisiting relevant news during the week:

BOJ CUTS RATES AGAIN
The Bank of Jamaica cut its key interest rate Thursday by a quarter-point in response to the steady decline in the once-high inflation that had squeezed households’ spending power, while also giving assurances that it will preserve relative stability in the foreign exchange market with its huge reserve. In the last two days alone, it sold US$90 million into the market to help meet demand and to keep the dollar from reaching $160:1 at this time
BOJ CUTS RATES AGAIN

Dolphin Cove explores divestment of Turks and Caicos land; revives Lucea hotel plans
Marine park operator Dolphin Cove Limited is weighing its options for two long-standing projects as it seeks to unlock value from its assets in Turks and Caicos and Jamaica.
Dolphin Cove explores divestment of Turks and Caicos land; revives Lucea hotel plans

Sygnus Credit seeks $4.35 billion in latest capital raise
Sygnus Credit Investments Limited (SCI) is seeking to raise up to $4.75 billion (US$30.05 million) in its latest cumulative redeemable preference share offer, which is meant to repay US$11 million in debt and support its pipeline of deals valued at over US$50 million in Jamaica.
Sygnus Credit seeks $4.35 billion in latest capital raise

RAJ calls for challenges in real estate sector to be addressed
The Realtors Association of Jamaica (RAJ) has continued to advocate for a number of issues within the local real estate industry to be remedied, especially as its members seek to operate on a level playing field.
RAJ calls for challenges in real estate sector to be addressed

Simply Secure gains control of tTech
Simply Secure Limited has purchased another 20 per cent of IT consultants tTech Limited to move its stake to 69.08 per cent of the company’s ordinary shares, a move that has forced Simply Secure to initiate a mandatory takeover to all remaining shareholders to purchase their ordinary shares in the Junior Market-listed company.
Simply Secure gains control of tTech

Commuters to continue enjoying free trips on Mandeville leg of Highway 2000
Motorists will continue to benefit from free passage on phase 1C of Highway 2000 from May Pen, Clarendon to Williamsfield, Manchester, as National Road Operating and Constructing Company (NROCC) Limited and TransJamaican Highway (TJH) Limited continue to hammer out a concession agreement.
Commuters to continue enjoying free trips on Mandeville leg of Highway 2000