Local Equities Market
For the week ending February 9, 2024, the local stock market, measured by the Combined Index, advanced by 1.75%. The Main Market Index advanced by 1.79%, the Junior Market Index advanced by 1.28%, and the JSE USD Equities Index advanced by 2.03%. During the week, Sterling Investments Limited USD was the largest gainer, rising by approximately 33.33% to close at USD0.02. Salada Foods Jamaica Limited was the biggest decliner, which fell by 18.59% to close at $3.11.
Large-cap stocks, reflecting those listed on the Main Market Index are overperforming on a YTD basis, increasing by 2.93%, relative to its Junior Market counterpart which has declined by 0.02%.
For the week ending February 9, 2024, overall Market activity resulted from trading 123 stocks of which 68 advanced, 43 declined and 12 traded firm. Market volume amounted to 107,298,358 units valued at over $391,042,069.55. Wigton WIndFarm Limited was the volume leader with 17,616,750 units (16.27%), followed by JMMB Group Limited 9.50% Pref Share with 13,699,996 units (12.65%) and by Dolla Financial Services Limited with 11,027,935 units (10.18%).
Revisiting relevant news during the week:
Global economy set for slow growth and high uncertainty in 2024
An inaugural, annual economic prospects report by ACCA examines the outlook and major risks for the global economy and key countries. The report, 2024 Global Economic Outlook: Slow Growth, High Uncertainty, sets out the key events to watch in a year packed with elections; examines three trends to watch closely; and interviews chief financial officers (CFOs) from across the globe.
Global economy set for slow growth and high uncertainty in 2024
Tropical Battery acquires US entity
Tropical Battery USA, the newly formed subsidiary of Tropical Battery Company Limited, has made its first acquisition. The company has acquired a manufacturer of specialty batteries in the United States, but the name of the company is being withheld pending further paperwork, Tropical Battery’s Deputy Managing Director Daniel Melville told the Jamaica Observer.
Tropical Battery acquires US entity
Massy eyes US expansion
Massy Holdings has set its sights on expanding in the United States and Latin America as it consolidates its operation under three core businesses — integrated retail, gas products, and motors and machines.
Massy eyes US expansion
Tropical Battery plans APO
Energy storage company Tropical Battery has plans to conduct an additional public offering (APO) around June this year to clear some of the debt it has accumulated with its recent purchase of US specialty battery maker, Rose Electronics Distributing Company or Rose Batteries.
Tropical Battery plans APO
iCreate shareholders facing lawsuit
The top shareholders of the embattled iCreate Group are facing new challenges, this time relating to three lawsuits filed in the Supreme Court by VM Investments aiming to recoup half-abillion dollars it said is outstanding in unpaid loans. VM Investments filed the suit to recover the sum in the Supreme Court on January 23. News of this suit comes just days after iCreate itself said it will sue Sagicor Investments for damages related to the period during which it was put into receivership recently.
iCreate shareholders facing lawsuit
SVL shatters records with Lotto winnings
Lotto and Super Lotto players had a record-breaking year of wins for 2023. Gaming and entertainment company Supreme Ventures Limited (SVL) has reported that last year players of its flagship lottery brands won $48 billion.
SVL shatters records with Lotto winnings
| Unit Trust Fund | 07/02/2024 | 31/01/2024 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 77.21 | 79.88 | -3.34% | -4.13% | -11.98% | - |
| Money Market | 16.3822 | 16.3651 | 0.10% | 0.56% | 4.90% | 5.34% |
| Income Portfolio | 100.00 | 100.00 | - | - | - | 6.41% |
| FX Bond Portfolio (US$) | 1.4334 | 1.4335 | -0.01% | 0.67% | 6.35% | 5.67% |
| Real Estate Portfolio | 12,707.65 | 12,663.73 | 0.35% | 0.95% | 58.09% | - |
| FX Growth Portfolio | 0.99 | 0.96 | 3.24% | 3.98% | 9.38% | - |
| FX Income Accumulator | 1.0147 | 1.0198 | -0.50% | -0.04% | 0.95% | 4.41% |
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