Local Equities Market
For the week ended Friday April 1, 2022, the local stock market increased week-over-week. The JSE Combined Index increased by 0.78%, the Main Market Index rose by 0.91%, the JSE Junior Market Index declined by 0.47%, and the JSE USD Equities Index declined by 0.06%. During the week, MARGARITAVILLE (TURKS) Limited was the biggest gainer, gaining 16.55% to close at $0.67. The biggest decliner was Kingston Properties Limited, which declined by 9.79%% to close at $8.57.
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 22.10% YTD, outpacing its Main Market counterpart(-1.61% YTD) by a wide margin.
For the week ended Friday April 1, 2022, Overall Market activity resulted from trading in 63 stocks of which 35 advanced, 21 declined and 7 traded firm. Market volume amounted to 110,417,490 units valued at over $1,248,086470.32. TRANSJAMAICAN HIGHWAY LIMITED with 32,160,149 units (30.16%) followed by WIGTON WINDFARM LIMITED ORDINARY SHARES with 19,995,494 units (18.75%) and RADIO JAMAICA LIMITED with 11,310,777 units (10.61%)
Revisiting relevant news during the week:
Restaurant and entertainment company KLE Group has offloaded its core restaurant business that consisted of the Usain Bolt Tracks and Records (UBTR) eatery, sports bar and entertainment spot, to associated company FranJam, in a deal that frees the company’s balance sheet of the drag of the loss- making UBTR, while allowing KLE to focus on its real estate business that it considers more lucrative
KLE offloads Usain Bolt restaurants to stem losses, focus on real estate
Stockbroker and investment banker NCB Capital Markets sees real estate as a haven during periods of conflict and instability, arguing that it could beat the returns of stocks and bonds.
NCB Capital touts real estate during instability
Canadian mortgage financier EquityLine Mortgage Investment Corporation is floating the idea of a possible second capital raise in Jamaica as it readies itself to cash in on the island’s ongoing real estate boom, disclosing plans for what it says is its first set of local property acquisitions, set to cost about US$15 million or more than $2.3 billion. The properties under consideration include a location in Kingston to be used as the headquarters for its Caribbean projects as it launches new revenue streams.
EquityLine mulls capital raise for $2b land deals
JETCON Corporation’s shareholders were saved by the circuit breaker as nearly all 2022 gains were erased following the detailed publication of an addendum to the company’s first- and second-quarter performance in 2021 on Wednesday.
Jetcon under scrutiny
Listed Jamaican conglomerate GraceKennedy Limited, which runs a global business across several sectors, says it has cut ties with its dealer in Russia through which is did business in that country, in keeping with worldwide sanctions against the Eastern European country for its ongoing invasion and devastation of lives and property in its neighbouring country of Ukraine.
Grace drops Russian dealer, huddles over war impact
| Unit Trust Fund | 30/03/2022 | 23/03/2022 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 94.12 | 92.49 | 1.76% | 2.36% | 7.08% | - |
| Money Market | 15.1727 | 15.1639 | 0.06% | -0.34% | 2.13% | 0.89% |
| Income Portfolio | 100.00 | 100.00 | - | - | - | 3.15% |
| FX Bond Portfolio (US$) | 1.3595 | 1.3546 | 0.36% | -1.36% | 1.02% | 2.98% |
| Real Estate Portfolio | 5,549.97 | 5,552.84 | -0.05% | 4.70% | -6.02 | - |
| FX Growth Portfolio | 1.0336 | 1.0111 | 2.23% | -4.48% | 4.28% | - |
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