Market Updates | Barita Insights | April 29, 2024

For the week ending April 26th, 2024, the local stock market, measured by the Combined Index, declined by 0.77%. The Main Market Index declined by 0.80%, the Junior Market Index declined by 0.34%, and the JSE USD Equities Index advanced by 0.08%. During the week, K.L.E. Group Limited was the largest gainer, rising by approximately 13.02% to close at $2.17. MFS Capital partners Limited was the biggest decliner, which fell by 18.97% to close at $1.41.

Small-cap stocks, reflecting those listed on the Junior Market Index are overperforming on a YTD basis, decreasing by 1.74%, relative to its Main Market counterpart which has declined by 1.92%.

For the week ending April 26, 2024, overall market activity resulted from trading in 125 stocks of which 57 advanced, 46 declined and 22 traded firm. Market volume amounted to 54,073,310 units valued at over $174,947,203.74. TransJamaican Highway Limited was the volume leader with with 40,098,389 units (26.57%), followed by Sagicor Group Jamaica Limited with 12,573,311 units (8.33%), and by Jamaica Broilers Group 12,218,326 units (8.10%)

Revisiting relevant news during the week:

NCB Financial Group hunts for $14b in capital markets NCB Financial Group
Limited (NCBFG) will be seeking to raise $13.65 billion over the next month through debt and equity offers, as it seeks to refinance and recalibrate its operations. NCBFG’s highly anticipated additional public offering (APO) was announced on Thursday. The financial conglomerate will be seeking to issue 78.5 million ordinary shares with an option to upsize the offer to 117.75 million ordinary shares.
NCB Financial Group hunts for $14b in capital markets

Jamaica extends catastrophe bond
The Government of Jamaica has secured financing of insurance coverage against named tropical cyclones after the World Bank returned to the global financial markets to raise US$150 million through a catastrophe bond on the country’s behalf.
Jamaica extends catastrophe bond

JamTeas advances succession planning
In contemplating issues such as aging senior management, big plans for growth, and the impending spin-off of its manufacturing arm, Jamaican Teas Limited has moved forward in strategically placing new leadership as it starts to pilot succession planning for the more than five-decade-old company.
JamTeas advances succession planning

Duty-not-paid cigarettes continues to burn Carreras
As cigarette company Carreras Limited pushes to tackle the illicit trade, duty-not-paid (DNP) or illegal cigarettes, it said, remains one of its biggest competitors in Jamaica.
Duty-not-paid cigarettes continues to burn Carreras

Lloyd’s of London shakes up insurance market
US dollar group life insurance is now being offered to Jamaican employees by Lloyd’s of London. The insurance company has made history by being the first and so far the only insurance company to introduce this innovative product to employees locally, providing a hedge against currency depreciation.
Lloyd’s of London shakes up insurance market

Wigton snatches JPS executive as new CEO
Garry Barrow is poised to assume the role of chief executive officer (CEO) at Wigton Windfarm on May 6, as Wigton embarks on its next phase of expansion with new renewable energy projects in the pipeline and free from a shareholder cap. Barrow will take on the newly created role as Wigton transitions from its former Managing Director Earlington Barrett, who retired on March 31.
Wigton snatches JPS executive as new CEO