Market Updates | Barita Insights | August 26, 2024

For the week ending August 23, 2024, the local stock market, measured by the Combined Index, improved by 0.48%. The Main Market Index improved by 0.59%, the Junior Market Index declined by 0.83%, and the JSE USD Equities Index improved by 0.61%. During the week, Radio Jamaica Limited was the largest gainer, rising by approximately 11.11% to close at $1.00. VM Investments Limited was the biggest decliner, which fell by 15.27% to close at $2.83.

Small-cap stocks, reflecting those listed on the Junior Market Index are underperforming on a YTD basis, decreasing by 7.11%, relative to its Main Market counterpart which has declined by 5.38%.

For the week ending August 23, 2024, overall market activity resulted from trading in 65 stocks of which 35 advanced, 25 declined and 5 traded firm. Market volume amounted to 57,054,748 units valued at over $493,395,371.03. Radio Jamaica Limited was the volume leader with 17,339,121 units (30.39%), followed by Sagicor Select Funds Limited – Financial with 9,854,583 units (17.27%), and by TransJamaican Highway Limited with 7,042,444 units (12.34%).

Revisiting relevant news during the week:

Regency Petroleum expands its reach
Regency Petroleum Limited (RPL), a petroleum marketing company, is expanding beyond Westmoreland, where it has dominated, to open its first service station in Kingston in September.
Regency Petroleum expands its reach

PBS pushes new ABM security solution
Technology company Productive Business Solutions Limited (PBS) is pushing to introduce enhanced automated banking machine (ABM) security solutions that utilize a type of security ink as it proposes new ways in which local banks can respond to the surge in physical attacks on their machines seen over the last year.
PBS pushes new ABM security solution

Mailpac acquires MyCart for $137 million
Mailpac Group Limited is now moving quickly to integrate the operations of MyCart Quick Limited into its operations following the $137.19-million acquisition of the entity on April 1.
Mailpac acquires MyCart for $137 million

Efresh tackles debt, boosts inventory as travel woes ease
Importer and distributor Everything Fresh Limited (Efresh) recently secured US$2.31 million ($361.4 million) in capital, most of which it has used to settle expensive short-term debt and to stock up on inventory amid rising demand for its products.
Efresh tackles debt, boosts inventory as travel woes ease

Wisynco parent buys stake in Honey Bun
Wisynco Group (Caribbean) Limited, parent company of Wisynco Group Limited, has bought eight million ordinary shares in Honey Bun (1982) Limited to become the company’s fifth-largest shareholder.
Wisynco parent buys stake in Honey Bun

KPREIT gears up for property purchase with new US$5-m loan
Kingston Properties Real Estate Investment Trust (KPREIT) appears to be one-step closer to executing on its long-discussed plans to acquire at least one property in the United Kingdom before the close of 2024, having secured US$5 million in new loan from First Caribbean International Bank.
KPREIT gears up for property purchase with new US$5-m loan