Local Equities Market
On Friday, May 27, 2022, the local stock market saw a decline in value for the week. The Main Market Index decreased by 1.04%, the JSE Junior Market Index declined by 5.46%, and the JSE USD Equities Index declined by 0.09%. During the week, Portland JSX Limited was the biggest gainer, rising 16.38% to close at $10.02. The biggest decliner was ISP Finance Limited, which was down 23.73% to close at $22.50.
Notwithstanding, year-to-date, with the ongoing rebound in the local economy, small-cap stocks, reflecting those listed on the Junior Market Index have continued the strong performance seen in 2021, growing by 20.18% YTD, outpacing its Main Market counterpart which is down 2.10% YTD.
This week, overall market activity resulted from trading in 116 stocks of which 20 advanced, 85 declined and 11 traded firm. Market volume amounted to 106,617,832 units valued at over $625,838,066.27
The following companies represent the overall volume leaders:
- WIGTON WINDFARM LIMITED ORDINARY SHARES with 13,606,182 units (12.51%)
- TRANSJAMAICAN HIGHWAY LIMITED with 9,877,998 units (9.08%)
- SAGICOR SELECT FUNDS LIMITED – FINANCIAL with 7,864,738 units (7.23%)
Revisiting relevant news during the week:
The Bank of Jamaica (BOJ) , in its Quarterly Monetary Policy report published last week, reported that liquidity conditions worsened during the March 2022 quarter, relative to the December 2021 quarter.
Liquidity Conditions Tighten
Shareholders of iCreate Limited voted their approval on Friday for a plan to convert debt owed to two financial backers to common shares, which will free the training company of nearly $70 million in loans.
Icreate converts debt to equity
The Unit Trust Corporation (UTC) has signed a joint venture agreement with GK Capita Management – a subsidiary of Grace Kennedy Ltd – to offer investment options to Jamaican investors.
In a release on Wednesday, UTC said the partnership will leverage each entity’s strengths to create value for individual and institutional investors.
GK Enters Mutual Fund Market
Having set out to raise $500 million through the sale of shares to the public, Dolla Financial Services Limited successfully closed its IPO on the first day of opening to the market and was oversubscribed by $4 billion.
Dolla Financial Oversubscribed by $4billion
Farmers of the famed Blue Mountain coffee have, among other infrastructural challenges, lamented what they believe to be the scarcity of workers needed to drive seasonal production. Like several other industries locally, which have also been plagued by labour shortages, some coffee farmers have cited a mass exodus of their workers, which they say has worsened since the outbreak of the COVID-19 pandemic
Labour Shortage Affecting Coffee
| Unit Trust Fund | 27/4/2022 | 20/4/2022 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 101.4408 | 99.4584 | 1.99% | 12.17% | 10.32% | - |
| Money Market | 15.2228 | 15.0925 | 0.86% | 1.47% | -0.01% | 2.30% |
| Income Portfolio | 100.00 | 100.00 | - | - | - | 3.36% |
| FX Bond Portfolio (US$) | 1.3434 | 1.3433 | 0.01% | -1.02% | -2.53% | 2.69% |
| Real Estate Portfolio | 5425.4112 | 5554.0475 | -2.32% | -6.21% | 2.35% | - |
| FX Growth Portfolio | 0.9013 | 0.8938 | 0.84% | -11.94% | -16.71% | - |
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