Local Equities Market
For the week ended August 5, 2022, the local stock market as measured by the Combined Index declined week-over-week by 0.78%. The Main Market Index declined by 0.73%, the JSE Junior Market Index declined by 1.26%, and the JSE USD Equities Index declined by 4.72%. During the week, TTECH Limited. was the largest gainer, rising 12.18% to close at $3.50. The biggest decliner was SYGNUS REAL ESTATE FINANCE Ltd (USD), which fell by 19.23% to close at $0.11
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 21.04% YTD, outpacing its Main Market counterpart which is down 5.86% YTD.
Overall Market activity resulted from trading in 118 stocks of which 31 advanced, 73 declined and 14 traded firm. Market volume amounted to 175,939,852 units valued at $769,433,431.95
The following companies represent the overall volume leaders: –
1. SSL Venture Capital Jamaica Limited Ordinary Shares with 93,925,742 units (53.17%)
2. Wigton Windfarm Limited Ordinary Shares with 17,272,712 units (9.78%)
3. Mayberry Investments Limited 7,196,716 units (4.07%)
Revisiting relevant news during the week:
JMMB Group Limited (JMMBGL) has acquired Banco Múltiple Bell Bank, SA in the Dominican Republic as it deepens its presence in the Spanish-speaking nation of 10.85 million people with a banking system worth RD$2.36 trillion (US$43.31 billion).
JMMB acquires DR bank
Alliance Financial Services Limited (AFSL) has entered into an agreement with Unicomer Jamaica that will see its agent network expanded by almost 50%
Alliance Financial partners with Unicomer Jamaica
According to a local securities dealer, the number of corporate debt issuances are going down as more issuers are considering the risk of locking in double- digit interest rates which could continue to impact them if rates stabilise and go down.
Investors demanding higher rates
Despite GraceKennedy Limited’s (GK) revenue moving up by 14% to $36.33 billion for the second quarter (April to June), the food and financial conglomerate’s net profit attributable to shareholders only grew 2% to $1.96 billion as expenses moved higher during the period due to rising inflation.
GK profits flat on higher expenses
VM Investments Limited (VMIL), as it continues to navigate various changes in the local and global environment, for its second quarter ended June posted increased profits of $242.5 million, 39% above that of the same period last year.
VMIL Q2 profits up 39 per cent
Caribbean Cement Company Limited (CCCL), Jamaica’s only cement manufacturer, is reporting a dip in profits for the first half of the year.
Carib Cement profits decline
TechBeach Retreat and the Caribbean Export Development Agency (Caribbean Export) are aiming to ramp up investments in the Caribbean technology industry
TechBeach, Caribbean Export eye more tech investments
| Unit Trust Fund | 03/08/2022 | 27/07/2022 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 95.05 | 101.63 | -6.47% | 3.36% | 3.37% | - |
| Money Market | 15.27 | 15.36 | -0.59% | 0.30% | 0.94% | 3.03% |
| Income Portfolio | 100.00 | 100.00 | - | - | - | 3.81% |
| FX Bond Portfolio (US$) | 1.33 | 1.32 | 0.76% | -3.47% | -2.64% | 3.65% |
| Real Estate Portfolio | 3,793.85 | 3,810.29 | -0.43% | 615.73% | 597.88% | - |
| FX Growth Portfolio | 0.91 | 0.89 | 2.25% | -15.60% | -12.32% | - |
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