Local Equities Market
For the week ending August 25, 2023, the local stock market, measured by the Combined Index, declined by 0.07%. The Main Market Index gained 0.08%, the Junior Market Index decreased by 1.32%, and the JSE USD Equities Index declined by 3.38%. During the week, Eppley Caribbean Property Fund was the largest gainer, rising by approximately 13.41% to close at $41.10. Ciboney Group Limited was the biggest decliner, which fell by 17.02% to close at $1.17.
Large-cap stocks, reflecting those listed on the Main Market Index are underperforming on a YTD basis, declining by 9.99%, relative to its Junior Market counterpart which has declined by 3.77%
For the week ending August 25, 2023, overall market activity resulted from trading in 117 stocks of which 47 advanced, 57 declined and 13 traded firm. Market volume amounted to 72,280,928 units valued at over $363,864,106.64. Wigton Windfarm Limited was the volume leader with 9,728,272 units (13.24%), followed by Transjamaican Highway Limited with 8,417,266 units (11.46%), and by Stanley Motta Limited with 6,492,734 units (8.84%).
Revisiting relevant news during the week:
BOJ outlines $20-billion cost for inflation fight
The Bank of Jamaica (BOJ) said its inflation fight over the last two years has already cost it upwards of $20 billion, but added that it remains profitable and is expected to continue disbursing these profits to the Government.
BOJ outlines $20-billion cost for inflation fight
One Great Studio’s regional growth objectives
Digital marketing agency One Great Studio (1GS) has set its sights on global and regional expansion by leveraging the global reach of its new subsidiary, United States-incorported High Voltage SEO (HVSEO), following the take-up of its initial public offer (IPO).
One Great Studio’s regional growth objectives
Higher rates drag construction sector
The once-booming construction sector declined for a fifth- consecutive quarter between April and June of this year, with industry players citing rising interest rates implemented to fight inflation as the chief reason for the contraction.
Higher rates drag construction sector
Kaya acquisition powers Tropical Battery revenues
Directors of Tropical Battery Company Limited have credited the acquisition of Dominican Republic-based Kaya Energy Group for contributing to increased growth in revenues in third quarter (Q3) 2023, despite indicating the need to be monitored and make adjustments to the operation so as to ensure the overall success of the group.
Kaya acquisition powers Tropical Battery revenues
‘Material success’
THE Bank of Jamaica (BOJ) said it will keep its key policy rate unchanged following a unanimous vote on the decision by its rate-setting monetary policy committee (MPC), citing it has been having “material success” in the fight to contain inflation. The decision means BOJ’s policy rate will remain at 7 per cent until at least the next meeting of the MPC, with the decision to be announced on September 29. It also said it will maintain tight Jamaican-dollar liquidity conditions and relative stability in the foreign exchange market for the foreseeable future.
‘Material success’
| Unit Trust Fund | 23/08/2023 | 16/08/2023 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 73.36 | 74.19 | -1.12% | -23.44% | -20.11% | - |
| Money Market | 15.9832 | 15.9675 | 0.10% | 2.88% | 5.29% | 4.82% |
| Income Portfolio | 100.00 | 100.00 | -0.00% | - | - | 5.63% |
| FX Bond Portfolio (US$) | 1.3955 | 1.3950 | 0.04% | 4.07% | 3.95% | 5.00% |
| Real Estate Portfolio | 12,697.10 | 12,688.38 | 0.07% | 59.98% | 233.66% | - |
| FX Growth Portfolio | 0.8770 | 0.8741 | 0.33% | 3.71% | -4.05% | - |
| FX Income Accumulator | 1.0043 | 1.0042 | 0.01% | 0.30% | - | 2.52% |
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