Local Equities Market
For the week ended Friday, our local stock market decreased week-over-week. The JSE Combined Index decreased by 0.39%, the Main Market Index decreased by 0.46%, the JSE All Jamaican Composite Index decreased by 1.10%, the JSE Junior Market Index advanced by 0.35%, and the JSE USD Equities Index declined by 1.42%. During the week, KLE Group Limited was the largest gainer, rising by approximately 71.23% to close at J$2.50. The biggest loser was Productive Business Solutions Ltd 9.75% cumulative redeemable Pref Shares which fell by 31.96% to close at J$70.76.
Year to Date, The Junior Market Index (+29.25% YTD) continues to outpace its Main Market counterpart (+1.65% YTD) by a wide margin.
As of Friday November 5, 2021, overall market activity resulted from trading in 111 stocks of which 56 advanced, 48 declined and 7 traded firm. Market volume amounted to 84,174,685 units valued at over $731,646,737.42. Mayberry Investments Limited was the volume leader with 21,693,681 units (25.77%) followed by Future Energy Source Company Ltd with 7,666,483 units (9.11%) and Supreme Ventures Limited with 7,215,569 units (8.57%).
Revisiting relevant news during the week:
In its latest overview of the insurance sector, the Financial Services Commission (FSC) noted that while Life insurers continue to dominate in terms of total assets, general insurers grew at a faster pace year over year.
As it plans for the next stage of growth by targeting one million customers by 2025, the VM(Victoria Mutual) Group is planning on deepening the pension network through its branches and offerings to entities across the region.
VM Pensions expanding across Jamaica and region.
Fitch and Moody’s have hinted that their announced revised rating of Digicel might not be as favorable as expected. Fitch indicated that the improved credit worthiness of Digicel will be limited as a result of its aggressive maneuvers to restructure its debt pile twice in recent years.
Fitch and Moody’s caution Digicel on pending credit rate.
As the Development Bank of Jamaica awaits cabinet approval for the divestment of the Jamaica Mortgage Bank (JMB) they have selected Sagicor Investments Jamaica Limited to lead the privatization process.
DBJ taps Sagicor for JMB privatization.
Regional ratings agency Caribbean Information and Credit Rating Services Limited (CAriCRIS) has reaffirmed JMMB group Limited’s local currency credit rating of jmA+ and jmA for foreign currency. The ratings were supported by the groups strong brand equity and the diversification of its revenues
CariCRIS reaffirms good creditworthiness and positive outlook for JMMB.
There are currently positive signs that the local bauxite mining companies are moving to improve production capacity and expand mining. This comes as the price of alumina has performed fairly well on the global market partly due to the current global supply chain issues.
| Unit Trust Fund | 05/11/2021 | 29/10/2021 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 92.45 | 92.54 | -0.09% | 8.94% | 15.56% | - |
| Money Market | 15.1979 | 15.2097 | -0.08% | 2.86% | 2.63% | 2.41% |
| Income Portfolio | 100.00 | 100.00 | - | - | - | 3.00% |
| FX Bond Portfolio (US$) | 1.3847 | 1.3845 | 0.01% | 2.10% | 5.12% | 2.10% |
| Real Estate Portfolio | 5436.48 | 5376.04 | 1.12% | -6.83% | -0.26% | - |
| FX Growth Portfolio | 1.0818 | 1.0571 | 2.34% | 8.34% | 15.02% | - |
Full Newsletter & Report
