Local Equities Market
For the week ended August 19, 2022, the local stock market as measured by the Combined Index declined week-over-week by 1.28%. The Main Market Index declined by 1.31%, the JSE Junior Market Index declined by 1.00%, and the JSE USD Equities Index advanced by 3.14%. During the week, MARGARITAVILLE (TURKS) LIMITED was the largest gainer, rising 33.64% to close at $29.40. The biggest decliner was MARGARITAVILLE (TURKS) LIMITED USD, which fell by 29.91% 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 19.62% YTD, outpacing its Main Market counterpart which is down 8.49% YTD.
Overall Market activity resulted from trading in 123 stocks of which 42 advanced, 71 declined and 10 traded firm. Market volume amounted to 739,715,043 units valued at over $4,323,675,034.81. The following companies represent the overall volume leaders:-
-
PULSE INVESTMENTS LIMITED with 351,390,894 units (47.29%)
- SAGICOR REAL ESTATE X FUND LTD. with 282,557,523 units (38.02%)
-
DOLLA FINANCIAL SERVICES LIMITED with 13,250,110 units (1.78%)
Revisiting relevant news during the week:
Fabian Brown, businessman and chief executive officer (CEO) of Value-Added Services, has commended Jamaica Broilers for reducing the price of chicken by $12.50 per kilo and has encouraged other providers of products and services to follow its lead.
More price reductions should be coming, says JMEA head
Caribbean insurers are being told to brace for more claims this year as predictions for an active Atlantic hurricane season persist.
Brace for more claims
Palace Amusement is reporting a net profit of $11.6 million for the fourth quarter ended June 30, 2022, a contrast to the loss of $128 million during the same period last year. Profit for Palace in Q4 Sagicor Group Jamaica Limited (SGJ) improved its profitability in the first six month of 2022 as three of four segments saw their profit for the period increase.
Sagicor Group’s half-year profits up 25%
Access Financial Services (AFS) is yet to respond to a takeover offer from Dolla Financial. Dolla Financial, a micro-lender which recently listed on the Junior Market of the Jamaica Stock Exchange, sent a letter to its competitor Access Financial on August 11, 2022, expressing an interest in exploring a takeover of full control of the entity.
Stalled Access
Boutique investment firm Sterling Investments Limited (SIL) has indicated that declining asset prices worldwide have been paving the way for the company to take advantage of good buying opportunities as global economic volatilities continue.
Sterling Investments targets buying opportunities
Regional insurance company General Accident for the six months ended June achieved gross written premiums of $9.8 billion, an increase of 11 per cent when compared to the previous year.
General Accident increases written premiums
| Unit Trust Fund | 18/08/2022 | 10/08/2022 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 93.42 | 93.62 | -0.21% | 1.60% | 1.23% | - |
| Money Market | 15.5082 | 15.3300 | 1.16% | 1.87% | 2.46% | 3.15% |
| Income Portfolio | 100.00 | 100.00 | - | - | - | 4.23% |
| FX Bond Portfolio (US$) | 1.3417 | 1.34 | 0.13% | -2.66% | -1.93% | 3.59% |
| Real Estate Portfolio | 3,786.55 | 3,806.19 | -0.52% | 614.35% | 600.01% | - |
| FX Growth Portfolio | 0.93 | 0.93 | 0.47% | -13.65% | 9.86% | - |
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