Local Equities Market
For the week ended February 3, 2023, the local stock market as measured by the Combined Index declined by 0.66%. The Main Market Index declined by 0.74%, the JSE Junior Market Index declined by 0.06%, and the JSE USD Equities Index advanced by 12.56%. During the week, Productive Business Solutions was the largest ordinary equity gainer, rising by approximately 30.70% to close at $1.67. The biggest decliner was Palace Amusement Ltd., which fell by 22.83% to close at US$2,224.59.
Small-cap stocks, reflecting those listed on the Junior Market Index have slightly outperformed on a YTD basis, declining by 0.48%, outpacing its Main Market counterpart which has declined 4.47%.
For the week ended Febuary 3, 2023, overall market activity resulted from trading in 128 stocks, of which, 64 advanced, 53 declined and 11 traded firm. Market volume amounted to 111,903,835 units valued at $808,482,931.54. Wigton Windfarm Limited was the volume leader with 24,414,762 units (21.33%), followed by Kingston Wharves Limited with 7,523,667 units (6.57%), and One on One Educational Services Limited with 7,523,667 units (6.57%).
Revisiting relevant news during the week:
NCB’s profit dives
NCB Financial Group Limited (NCBFG) saw its first-quarter net profit attributable to shareholders slide by 68 per cent, from $2.64 billion to $835.79 million, as the banking and insurance conglomerate gears up for stronger headwinds in 2023.
NCB’s profit dives
FirstRock acquires majority stake in Century 21
FirstRock has announced that it has acquired a majority stake in Century 21 and has already set its sights on expanding the new brand across the region. With the acquisition, which was announced late Thursday, the new entity will be known as FirstRock Century Holdings Limited.
FirstRock acquires majority stake in Century 21
No-nonsense BOJ
The Bank of Jamaica (BOJ) has signaled it will be in a nononsense mood when it takes over regulation of the entire financial sector as part of reforms spawned out of the multibillion-dollar fraud at Stocks and Securities Limited (SSL), a securities dealer.
No-nonsense BOJ
Mortgage slowdown
New mortgages written in 2022 outpaced prior-year figures but players in the real estate market believe there will be a slowdown in the number of mortgages disbursed in 2023 as higher interest rates begin to take hold.
Mortgage slowdown
Dolla and FosRich announce partnership
DOLLA Financial Services Limited and FosRich Limited have announced a partnership surrounding the financing of solar power systems and solar water heaters for the Jamaican market..Both sponsor companies for the conference mentioned that this partnership will allow FosRich customers to access up to 90 per cent financing for their solar products. This has seen more than 100 individuals inquire about the arrangement since the announcement.
Dolla and FosRich announce partnership
138 Student Living mulls equity raise
The 138 Student Living Limited’s (138SL) board of directors will meet next Tuesday to consider recommending certain resolutions for its upcoming annual general meeting (AGM) to facilitate an additional equity investment in the company.
138 Student Living mulls equity raise
| Unit Trust Fund | 31/01/2023 | 26/01/2023 | Week/Week Return | Year-to-Date Return | 1 Year Return | Yield |
|---|---|---|---|---|---|---|
| Capital Growth | 90.89 | 88.25 | 2.99 | -5.14% | -2.86% | - |
| Money Market | 15.6004 | 15.5862 | 0.09% | 0.42% | 2.24% | 4.40% |
| Income Portfolio | 100.00 | 100.00 | - | - | - | 4.88% |
| FX Bond Portfolio (US$) | 1.3462 | 1.3448 | 0.10% | 0.39% | -2.14% | 3.39% |
| Real Estate Portfolio | 7,999.24 | 8,021.10 | -0.27% | 0.79% | 1432.71% | - |
| FX Growth Portfolio | 0.90 | 0.89 | 1.29% | 6.01% | 13.16% | - |
| FX Income Accumulator | 1.00 | 1.00 | 0.07% | 0.29% | - | 0.40% |
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