Market Updates | Barita Insights | August 21, 2023

Local Equities Market

For the week ending August 18, 2023, the local stock market, measured by the Combined Index, declined by 0.40%. The Main Market Index declined by 0.36%, the Junior Market Index decreased by 0.72%, and the JSE USD Equities Index advanced by 1.70%. During the week, ISP Finance Services Limited was the largest gainer, rising by approximately 18.46% to close at $25.15. Sygnus Credit Investments Limited (USD) was the biggest decliner, which fell by 21.45% to close at USD 0.09. Large-cap stocks, reflecting those listed on the Main Market Index are underperforming on a YTD basis, declining by 10.07%, relative to its Junior Market counterpart which has declined by 2.48%.

For the week ending August 18, 2023, overall market activity resulted from trading in 124 stocks of which 44 advanced, 70 declined and 10 traded firm. Market volume amounted to 114,175,948 units valued at over $435,868,792.29. Wigton Windfarm Limited was the volume leader with 14,838,856 units (12.71%), followed by Transjamaican Highway Limited with 13,592,092 units (11.64%), and by Sterling Investments Limited with 13,527,096 units (11.58%).

Revisiting relevant news during the week:

Everything Fresh doubles half-year profit
Everything Fresh Limited has seen its half-year profits for 2023 double and has credited the “strong results” to the continued growth in the tourism industry. However, its Bahamas operation saw a dip in revenues.
Everything Fresh doubles half-year profit

Short-term rentals raise 138 Student Living earnings
The diversification of revenue streams for 138 Student Living has proven to be a successful shift in the property management company’s operation as earnings continue to improve after period of paltry growth due to the COVID-19 pandemic.
Short-term rentals raise 138 Student Living earnings

tTech’s half-year profit up 27 per cent
Managed IT services provider tTech Limited at the end of the six months ended June saw its profit jump 26.6 per cent to total $11.8 million, reversing losses incurred for the same period in 2022.
tTech’s half-year profit up 27 per cent

New acquisitions add to Derrimon’s half-year revenues
Out-turns from its newest subsidiaries, Spicy Hills Farms and Arosa Limited, along with that from its Select Grocers location in Clarendon, helped to beef up revenues for the Derrimon Group at the end of the six months ended June.
New acquisitions add to Derrimon’s half-year revenues

iCreate founder Tyrone Wilson resigns
Embattled founder, director, and chief executive officer of iCreate Limited Tyrone Wilson has resigned from the company effective yesterday amidst delays in the company’s financial reports to the Jamaica Stock Exchange (JSE).
iCreate founder Tyrone Wilson resigns

One on One readies new e-learning solution
E-learning solutions provider One on One Education Limited is readying its latest learning management software, Teacher Availability Solutions (TAS), just in time for the new school year.
One on One readies new e-learning solution