Market Updates | Barita Insights | June 13, 2022

For the week ended June 10, 2022, the local stock market as measured by the Combined Index fell week over week by 1.08%. The Main Market Index decreased by 0.78%, the JSE Junior Market Index declined by 3.97%, and the JSE USD Equities Index improved by 2.46%. During the week, MPC Caribbean Clean energy limited USD was the biggest common equity gainer, rising 15.00% to close at $1.38. The biggest common equity decliner was Eppley Limited, which fell by 19.38% to close at $39.35.

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 19.41% YTD, outpacing its Main Market counterpart which is down 2.43% YTD.

This week, Overall Market activity resulted from trading in 118 stocks of which 29 advanced, 71 declined and 18 traded firm. The following companies represent the overall volume leaders:

1. JMMB GROUP LIMITED 7.35% with 30,195,042 units (23.44%);

2. TRANSJAMAICAN HIGHWAY LIMITED with 7,403,093 units (5.75%);

3. LASCO MANUFACTURING LIMITED with 6,349,458 units (4.93%).

Revisiting relevant news during the week:
Massy Holdings Limited is disposing of Massy Properties (Trinidad) Limited (MPTL) to Endeavour Holdings Limited (EHL) in its latest divestment of noncore subsidiaries
Massy selling another subsidiary

Kisha Anderson’s re-election as a director of FirstRock Capital Holdings Limited (FRCH) was voted down by management company FirstRock Capital Resources Limited (FRCR) at FRCH’s annual general meeting (AGM) held last Thursday.
Director re-election voted down at FirstRock meeting

Having completed its US$21.22-million acquisition of Puerto Rico-based Acrecent Financial Corporation on February 28, Jamaica-based Sygnus Credit Investment (SCI) says it is on the verge of completing the integration of the entity into the Sygnus family.
Sygnus outlines plans for Puerto Rico business

After successfully garnering more than $5 billion for $500-million combined initial public offering (IPO) and offer for sale in less than a day, Dolla Financial Services Limited has published the basis of allotment for the various pools of investors who bought into the offer.
Dolla basis of allotment out

While insurance companies were able to write more premiums in the first quarter, rising claims costs and reinsurance placements impacted the underwriting profit of various insurers across the industry. Insurance companies face rising claims and reinsurance placements

Scotia Group Jamaica Limited (SGJ) continues to see a steady rebound in its performance as it sequential net profit improved by 45 per cent to $2.58 billion in the second quarter (February to April) despite its year over year results being down by five per cent from $2.73 billion.
Scotia Group earns $2.58 billion net profit