Local Equities Market
For the week ended September 2, 2022, the local stock market as measured by the Combined Index decreased marginally week-over-week by 0.51%. The Main Market Index decreased by 0.69%, the JSE Junior Market Index decreased by 2.09%, and the JSE USD Equities Index advanced by 0.15%. During the week, Consolidated Bakeries (Jamaica) Limited (Purity) was the largest gainer, rising 17.89% to close at $2.24. The biggest decliner was CAC 2000 Limited, which fell by 26.79% to close at $6.04. Year-to-date (YTD), 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 19.05%, outpacing its Main Market counterpart which is down 9.12% YTD. Overall, Market activity resulted from trading in 125 stocks of which 51 advanced, 60 declined and 14 traded firm. Market volume amounted to 250,154,246 units valued at over $3,078,267,651.98. The following companies represent the overall volume leaders: 1. FOSRICH COMPANY LIMITED ORDINARY SHARES with 30,821,798 units (12.22%) 2. MAILPAC GROUP LIMITED ORDINARY SHARES with 26,482,638 units (10.50%) 3. DERRIMON TRADING COMPANY LIMITED ORDINARY SHARES with 14,907,388 units (5.91%) Revisiting relevant news during the week: Wisynco Group Limited will be executing its largestever capital investment against the backdrop of the record-breaking 2022 financial year (FY) in which its revenue jumped 23% to $39.05 billion and net profit spiked 32% to $4.05 billion.
Wisynco outlines $5 Billion expansion
National Commercial Bank Jamaica Limited (NCBJ) has completed its US$300 million ($45.2 billion) securitization programme of its credit card merchant voucher receivables a month earlier than planned as Fitch Ratings gave the Series 2022-1 notes a BBB– investment grade rating and stable outlook.
NCBJ completes US$300-million deal
GraceKennedy Limited (GK) has entered into an agreement with the Bank of Nova Scotia (Scotiabank) to acquire 100% of Scotia Insurance Caribbean Limited (SICL), subject to regulatory approvals and other customary closing conditions.
GK to acquire Scotia Insurance Caribbean
While iCreate finalizes plans to complete the agreed acquisition of outdoor media company Visual Vibe, the company has tapped Irish-born Declan Tully, its chief revenue officer, to become the CEO of Visual Vibe upon closure of the transaction.
iCreate appoints CEO of Visual Vibe
Despite its core real estate business remaining resilient with a 92% occupancy rate up to June, the market volatility exhibited in the stock and bond markets during the second quarter pulled PanJam Investment Limited’s net profit attributable to shareholders from $1.32 billion to $107.50 million, nearly a tenth of 2021’s performance.
Market volatility drags PanJam earnings
Buoyed by the successful launch of a new product line during the third quarter ended June, coffee processor Salada Foods Jamaica Limited increased nine-month revenues to $964 million — 8% above the corresponding period last year.
Salada revenues flavoured by new coffee products
| Unit Trust Fund | 01/09/2022 | 25/08/2022 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 94.64 | 91.82 | 3.07% | 2.93% | 1.61% | - |
| Money Market | 15.61 | 15.18 | 2.83% | 2.54% | 3.18% | 3.19% |
| Income Portfolio | 100.00 | 100.00 | - | - | - | 4.38% |
| FX Bond Portfolio (US$) | 1.3430 | 1.3425 | 0.04% | -2.56% | -2.01% | 3.60% |
| Real Estate Portfolio | 3,736.45 | 3,806.19 | -1.81% | 614.35% | 589.07% | - |
| FX Growth Portfolio | 0.88 | 0.91 | -3.30% | -18.72% | -17.54% | - |
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