Local Equities Market
For the week ending December 22, 2023, the local stock market, measured by the Combined Index, advanced by 1.67%. The Main Market Index advanced by 1.76%, the Junior Market Index advanced by 0.88%, and the JSE USD EquitiesIndex advanced by 0.81%. During the week, AMG Packaging Limited was the largest gainer, rising by approximately 17.75% to close at $2.72. ICREATE Limited was the biggest decliner, which fell by 28.05% to close at $0.59.
Large-cap stocks, reflecting those listed on the Main Market Index are underperforming on a YTD basis, declining by 10.99%, relative to its Junior Market counterpart which has declined by 6.48%. For the week ending December 22, 2023, overall Market activity resulted from trading in 121 stocks of which 57 advanced, 58 declined and 16 traded firm. Market volume amounted to 179,977,063 units valued at over $1,124,042,255.16. MailPac Group Limited was the volume leader with 50,194,073 units (27.79%), followed by Jamaica Teas Limited with 32,791,291 units (18.16%), and by JMMB Group Limited with 12,176,122 units (6.74%).
Revisiting relevant news during the week:
Destocking hangover pressures profit forecast for some local companies
More local companies are sounding the alarm about their struggles with adjusting inventory levels in the post- pandemic period.
Destocking hangover pressures profit forecast for some local companies
AMG Packaging looks to further expansion projects
Box maker AMG Packaging and Paper Company is pursuing another round of expansion just a year into the commissioning of its new factory on Retirement Crescent in the Corporate Area.
AMG Packaging looks to further expansion projects
MPC closes financing for Monte Plata Phase II
Alternative energy generation outfit MPC Caribbean Clean Energy Limited has closed the financing of Phase II of the Monte Plata project, a 42-megawatt (MW) solar photovoltaic plant now under construction in the Dominican Republic.
MPC closes financing for Monte Plata Phase II
Second-Hand Blues
More consumers are shifting away from purchasing used vehicles amidst rising interest rates on motor vehicle loans.
Second-Hand Blues
Sagicor Financial bags US$435-million gain on Ivari purchase
Sagicor Financial Company Limited (SFC) has highlighted that its preliminary estimations have it recording a US$434.73-million (J$66.98-billion) gain for its purchase of Ivari on October 3.
Sagicor Financial bags US$435-million gain on Ivari purchase
Cornerstone looks to regional expansion
Cornerstone Financial Holdings Limited (CFHL), the parent company of Barita Investments, is now plotting an aggressive expansion plan into the wider Caribbean, in the aftermath of securing a strong credit rating from the Trinidad-based Caribbean Information and Credit Rating Services (CariCRIS). CariCRIS gave Cornerstone Financial Holdings Limited an investment grade rating, putting the seven-year-old company above some of its older more established peers.
Cornerstone looks to regional expansion
| Unit Trust Fund | 20/12/2023 | 13/12/2023 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 74.03 | 74.01 | 0.02% | -22.74% | -18.38% | - |
| Money Market | 16.2435 | 16.2282 | 0.09% | 4.56% | 4.69% | 4.80% |
| Income Portfolio | 100.00 | 100.00 | -0.00% | - | - | 5.07% |
| FX Bond Portfolio (US$) | 1.4227 | 1.4199 | 0.20% | 6.09% | 6.15% | 5.06% |
| Real Estate Portfolio | 12,641.97 | 12,677.02 | -0.28% | 59.29% | 142.92% | - |
| FX Growth Portfolio | 0.91 | 0.91 | 0.30% | 8.05% | 7.16% | - |
| FX Income Accumulator | 1.015 | 1.0101 | 0.45% | 1.32% | - | 2.79% |
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